Advertisement
Singapore markets close in 6 hours 19 minutes
  • Straits Times Index

    3,175.05
    +3.12 (+0.10%)
     
  • Nikkei

    39,546.11
    -194.33 (-0.49%)
     
  • Hang Seng

    16,649.05
    -88.07 (-0.53%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Bitcoin USD

    66,374.34
    -1,021.22 (-1.52%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • Dow

    38,790.43
    +75.66 (+0.20%)
     
  • Nasdaq

    16,103.45
    +130.27 (+0.82%)
     
  • Gold

    2,165.20
    +0.90 (+0.04%)
     
  • Crude Oil

    82.66
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.3400
    +0.0360 (+0.84%)
     
  • FTSE Bursa Malaysia

    1,548.63
    -5.01 (-0.32%)
     
  • Jakarta Composite Index

    7,342.49
    +40.04 (+0.55%)
     
  • PSE Index

    6,875.84
    +22.55 (+0.33%)
     

Amazon could reach $1,000 in 2018, expert predicts

Amazon could reach $1,000 in 2018, expert predicts

Amazon (NASDAQ: AMZN) is a must-own stock for long-term investors, expert Robert Luna said Friday. In fact, he's predicting it will probably reach $1,000 a share in 2018.

The e-commerce giany hit a new high Friday, closing at $805.75 a share. In May, Luna had predicted Amazon would hit $800 by the end of the year.

"It's not a new story but they're still growing revenues by 30 percent. They're growing active users by 20 percent," the CEO and chief investment officer of SureVest Wealth Management told CNBC's " Closing Bell ."

"Eventually all retail in one way or another is going to be flowing through Amazon. This is a company that's reinvented the marketplace."

ADVERTISEMENT

That said, Luna isn't necessarily biting right now thanks to Amazon's big runup. However, anytime there is a pullback, he'd be an aggressive buyer.

While some investors believe Amazon is overvalued and will be growing at a slower rate going forward, Luna said there is a lot of room for growth — especially in international markets. For example, Prime's international growth rates are "skyrocketing," he noted.

On top of that, Amazon is also in the cloud marketplace.

"There's still a long way to go. A lot of market share," said Luna.

Disclosures: Luna and his clients own Amazon.

— CNBC's Stephen Desaulniers contributed to this report.



More From CNBC

  • Top News and Analysis

  • Latest News Video

  • Personal Finance