Amazon’s e-commerce market share is on pace to rise from 34% to 50% by 2021, according to a note released Monday by investment banking and asset management firm Needham. By contrast, Wal-Mart’s share is 5%, according to CNBC.
Needham analysts upgraded their rating on Amazon shares from hold to buy and set a price target of $1,100, according to Fortune magazine. “We believe Amazon’s established dominance in the U.S. is sustainable with Prime [subscriber services], mobile penetration and third-party growth,” Needham analyst Kerry Rice wrote in the note.
