Business

Market Movers

Amazon sales will hit $166b, analyst says

Amazon.com is the world’s largest online retailer.
Associated Press/File 2010
Amazon.com is the world’s largest online retailer.
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Amazon.com rallied after a Morgan Stanley analyst, Scott Devitt, projected e-commerce sales will reach $1 trillion by 2016, up from $512 billion last year. By then, Amazon’s market share will be 23.5 percent, helping its net sales reach $166 billion, Devitt predicted — higher than his prior projection for sales of $145 billion and a 20.6 percent share. He raised his rating to “overweight” and set a $325 price target, noting that Amazon’s global market share was 14 percent last year.