Amazon just hit an all-time high as it inches towards becoming a $1 trillion company
- Amazon could follow Apple in hitting a $1 trillion valuation.
- Shares hit an all-time high on Thursday and many on Wall Street say it's poised to hit the milestone.
- Follow Amazon's stock price in real-time here.
Shares of Amazon climbed 0.8% on Thursday, hitting an all-time high of $1,899.96, as the e-commerce giant inches towards a $1 trillion valuation.
The stock now just needs another 7% gain in order to hit a market cap of $1 trillion. Based on the current number of outstanding shares - 487.74 million - a stock price of $2,050.27 would get it over the hump.
Apple made headlines last week when it became the first US company to reach the milestone.
Amazon's final ticks to $1 trillion could take a while, though. Wall Street analysts currently have an average price target of $2,114 per share, according to Bloomberg. However, multiple major sell-side shops, including JPMorgan and Goldman Sachs, have price targets above $2100.
"We believe Amazon has the potential to be a $1 trillion dollar company over time, as it remains early in the e-commerce and cloud secular shifts," Doug Anmuth, an analyst at JPMorgan, wrote in a client note earlier this year. "And in our view, Amazon is investing in more major growth opportunities than any other company we cover."
Amazon has risen 60% since the beginning of 2018, easily outpacing the benchmark S&P 500's 6.1% gain in the same period.
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