Could Amazon's Stock Go To $6,000 In The Next 12 Months?
Jim Cramer said Monday on CNBC's "Squawk On The Street" that the analyst note from Morgan Stanley about Amazon.com Inc (NASDAQ:AMZN) is one of the great pieces he has read.
What Happened: Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and a $4,500 price target on Amazon. The analyst noted if Amazon was valued using a price-to-earnings multiple on GAAP earnings, the stock could be worth $5,000 to $6,000 per share in the next 12 months.
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Amazon is cheap, but its valuation is an "art not a science," Cramer said, adding that the analyst used the same phrase in his note.
Cramer said he agrees with the analyst, mentioning he loves Amazon at its current price.
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AMZN Price Action: Amazon traded as high as $3,554 and as low as $2,330 over a 52-week period. At last check Monday, the stock was up 0.85% at $3,250.26.
Photo courtesy of Amazon.
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