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Amazon.com shares top US$1,500 for second time in two days

Shares in the Nasdaq listed e-commerce giant have gained 74% in the last 12 months, driven primarily by excitement around the company’s competitive advantage and its push into new categories
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Media reports on Thursday also said the e-commerce giant would open as many as six of its cashier-free Amazon Go stores this year

Amazon.com Inc. (NASDAQ:AMZN) shares topped US$1,500 for the second time in two days in early trading Thursday.

Shares in the Nasdaq listed e-commerce giant have gained 74% in the last 12 months, hitting a record US$1,502.72 on Wednesday before reaching a close second of US$1,502.54 in early trading on Thursday.

The rise has been driven primarily by excitement around the company’s competitive advantage and its push into new categories.

On Wednesday, broker MKM Partners raised its price target for Amazon shares to US$1,750 from US$1,350, saying the company is the best growth story of megacaps in the long term.

Meanwhile, media reports on Thursday also said the e-commerce giant would open as many as six of its cashier-free Amazon Go stores this year, with at least one rumoured to be located in The Grove, a 600,000 sq ft shopping venue in Los Angeles, with others in its hometown of Seattle.

Following the climb above US$1,500, Amazon shares slipped back as the early morning session continued but were still up 0.9% at US$1,495.88.

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