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Article: AMAZON SHARES JUMP BY 14 PERCENT INTERNET RETAILER GETS A BOOST FROM ANALYST.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- April 17, 1999
CopyrightCOPYRIGHT 1999 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Shares in Seattle-based Amazon.com Inc. rose 14 percent yesterday after analyst Jamie Kiggen said he expects the stock price of the largest Internet retailer to reach $280 within a year.
The stock jumped 22 3/4 to 190 in trading of 15.8 million shares, almost double its three-month daily average.
Revenue from Amazon.com's new auction site may exceed $20 million this year and $65 million next year, said Kiggen, an analyst at Donaldson, Lufkin & Jenrette. He also raised his rating on the stock to ``top pick'' from ``buy.''
Amazon.com is trying to boost sales and become profitable faster by challenging top online auctioneer eBay Inc. It can tap ...