Citi Reiterates a Buy Rating on Amazon.com (AMZN), Keeps PT

Amazon.com, Inc. (NASDAQ:AMZN) is one of the Stocks That Will Make You Rich In 5 Years. On August 27, Ronald Josey, an analyst from Citi, reiterated the Buy rating for Amazon.com, Inc. (NASDAQ:AMZN) with a price target of $270.

The analyst highlighted the company’s progress in the perishable grocery market as one of the key factors behind his bullish sentiment. He noted that the company is improving its Same-Day Perishable Groceries service and uses its large network of fulfillment centers to boost delivery speed and efficiency.

He acknowledged that grocery orders alone might not be highly profitable. However, the bigger orders that include essentials and other goods can balance this out. Moreover, there is also an added opportunity for extra revenue through advertising on the platform. Josey expects the company’s investments to help grow market share. He believes that the cost to serve customers in this sector would decline over time, thereby increasing competitiveness and profitability.

Amazon.com, Inc. (NASDAQ:AMZN) is an international company that sells a wide range of products through its online and physical stores. It also makes and sells electronic devices like Kindle and Echo, along with offering cloud computing services.

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Disclosure: None. This article is originally published at Insider Monkey.