Amazon.com Inc said last week that it intended to open its first fulfillment center in Quebec, Canada, in 2020, where over 300 full-time workers are to be employed.
Amazon shares closed lower for a fourth consecutive trading session on NASDAQ on Friday. The stock edged down 0.13% ($2.32) to $1,785.88, after touching an intraday low at $1,774.55, or a price level not seen since October 31st ($1,771.48).
Shares of Amazon.com Inc have risen 18.90% so far in 2019 compared with a 23.39% 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.
Employees at the new facility, which is to be located in Lachine on the island of Montreal, will pick, pack and ship items for clients, from toys and pet products to small electronics, Amazon said.
“We’re excited about our growth in Montreal, which gives us the opportunity to better serve our customers across Quebec,” Alexandre Gagnon, Vice President of Amazon Canada, said in a statement.
“The Greater Montreal area has a talented workforce, and we are committed to providing the area with great job opportunities that have comprehensive pay and benefits,” Gagnon added.
At present, Amazon’s existing Ontario facilities in Milton, Brampton and Mississauga employ over 2 000 full-time workers. The e-commerce giant employs a total of over 6 000 people in the North American country.
Analyst stock price forecast and recommendation
According to CNN Money, the 44 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 23.19% upside compared to the closing price of $1,785.88 on November 8th.
The same media also reported that at least 42 out of 47 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 1 – as “Hold”.
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