January 07, 2013 at 12:24 PM EST
Amazon Stock Rises To New High After Analyst Upgrade
Shares of Amazon.com (AMZN) were up nearly 3% in midday trading Monday, hitting an all-time high earlier in the session, after Morgan Stanley (MS) boosted its rating on the e-commerce leader, citing growth in that sector. Morgan Stanley analyst Scott Devitt on Monday said in a report that he expects global e-commerce sales to top $1 trillion by 2016, up from $512 billion in 2012, according to Bloomberg. Also in the report, Devitt estimates Amazon
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