Amazon shares close higher on Monday, e-commerce giant to open stores in Germany, report says

According to a report by German newspaper Welt am Sonntag over the weekend, Amazon.com Inc (AMZN) intends to open stores in Germany, its second largest market after the United States.

However, no specific details or a timetable were provided.

Amazon shares closed higher for the sixth time in the past ten trading sessions on NASDAQ on Monday. It has also been the sharpest daily surge since January 2nd. The stock went up 1.49% ($27.91) to $1,902.88, after touching an intraday high at $1,903.00, or a price level not seen since July 30th ($1,909.89).

Shares of Amazon.com Inc have risen 2.98% so far in 2020 compared with a 0.48% gain for the benchmark index, S&P 500 (SPX).

In 2019, Amazon’s stock went up 23.03%, thus, it underperformed the S&P 500, which registered a 28.88% gain.

“The fact is that we know that customers shop offline and that they like variety,” Ralf Kleber, Amazon’s head for Germany, said in an interview with Welt am Sonntag newspaper.

The company already operates stores in the United States and the United Kingdom, which also include the Whole Foods grocery chain and checkout-free Amazon Go food stores.

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 $2,180.00, with a high estimate of $2,573.40 and a low estimate of $1,850.00. The median estimate represents a 14.56% upside compared to the closing price of $1,902.88 on January 6th.

The same media also reported that at least 43 out of 49 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 2 – as “Hold”.