Amazon.com Inc (AMZN) said earlier this week that its grocery delivery service for Prime members in the United States would be made free-of-charge. Additionally, all orders for groceries will be integrated into one portal.
Amazon shares closed higher for the ninth time in the past fifteen trading sessions on NASDAQ on Wednesday. It has also been the sharpest daily surge since October 24th. The stock went up 0.98% ($17.28) to $1,779.99, after touching an intraday high at $1,781.93, or a price level not seen since October 24th ($1,788.34).
Shares of Amazon.com Inc have risen 18.51% so far in 2019 compared with a 21.54% gain for the benchmark index, S&P 500 (SPX).
In 2018, Amazon’s stock went up 28.43%, thus, it outperformed the S&P 500, which registered a 6.24% loss.
The company said that the portal would offer one-hour and two-hour delivery windows, while including grocery delivery from Whole Foods Market and Amazon Fresh. In addition, customers will still be able to shop groceries by using other portals (Prime Now, for example).
The e-commerce giant has been seeking to reduce delivery times to a single day for its Prime loyalty members, as it responds to competition from Walmart Inc, which has begun offering two-day shipping with no subscription fees.
Analyst stock price forecast and recommendation
According to CNN Money, the 45 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $2,200.00, with a high estimate of $2,573.40 and a low estimate of $1,900.00. The median estimate represents a 23.60% upside compared to the closing price of $1,779.99 on October 30th.
The same media also reported that at least 44 out of 49 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 1 – as “Hold”.
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