© Reuters. Atlantic Equities raises Amazon price target
- Atlantic Equities raises Amazon’s (NASDAQ:AMZN) price target to $1,250 on ad sales that could quadruple by 2020.
- Analyst James Cordwell notes that sales of Sponsored Products, which allows third-party sellers to advertise in product searches, grew over 100% this year.
- Cordwell predicts $8.8B in Sponsored Products sales by 2020, up from last year’s $1.5B to $2B.
- Cordwell expects brand advertising sales to reach $3.2B by 2020 and total ad revenue to total $12B.
- In other news, Amazon announces plans to hire 120K holiday workers for its fulfillment centers and customer service centers across the United States.
- Previously: Amazon Alexa gets voice recognition (Oct. 11)
- Now read: Costco (NASDAQ:COST)’s E-Commerce Plans Won’t Work