Amazon sales show momentum going into holiday season

Shares of Amazon. com jumped 10 per cent at the opening yesterday after the company reported better than expected sales growth in North America and indicated strong momentum going into the US holiday season.

At least 15 brokerages raised price targets on Amazon shares, to as much as $430, after the world’s biggest online retailer company reported strong results for the third quarter.

The stock, which has already risen 32 per cent this year, was trading at $364.40, up from its closing of $332.21 on the Nasdaq on Thursday before the results were announced.

Many analysts characterised the company’s holiday-quarter sales forecast of $23.5 billion to $26.5 billion as conservative. First-quarter sales rose 24 per cent to $17.1 billion, helped by a 31 per cent rise in North America. – (Reuters)