Stock Market

Amazon shares soar amid full retail offering in Australia

Amazon - online shopping

The shares of the giant retail firm, Amazon Inc., roared wild and sustained its winning ways as it finished on the positive territory on Tuesday, following the firm’s official website launch in Australia.

Amazon shares has now punched its fourth-consecutive winning streak as it registered 7.6% gains yesterday in the stock market to close at $1147.51 per share, but was not enough to lift the NASDAQ Composite index from minor decline. For the month, the firm’s steady performance in Wall Street has resulted to 5% gain.

The US-based retail firm has now invaded other parts of the globe when it officially opened its website in the Australia and offered plenty of discounts and a one-day delivery to its Australian customers, which helped retail sector to gain ground in a choppy trading.

Amazon Inc. has been enjoying a bullish run, following a series of holidays in the United States, with the Black Friday and Cyber Monday steering the firm to cloud nine as shoppers spent multi-billion dollars for online orders.

Adding appeal to the shares of Amazon Inc. was the recent bullish opinion of various analysts in Wall Street about its target price. Wells fargo had initially stated that Amazon’s share price could climb and even breach past the $1500-mark, a 30% rise compared to its current level.

D.A. Davidson raised its target price and buy rating for Amazon shares in a range of $1300-$1500 while MKM Partners set its target lower at $1275-$1350.

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