Amazon shares slip; MKM upgrades price target

Amazon shares are trading a little lower Tuesday, despite a price target upgrade from MKM Partners.

Amazon shares slip; MKM upgrades price target

Amazon shares are trading a little lower Tuesday, despite a price target upgrade from MKM Partners analysts. The equity research group remains upbeat on the stock and retains its view that tis one of the best value, long-term mega caps available to investors.

Meanwhile, the tech giant’s CEO, Jeff Bezos has shared some thoughts on the future, including the possibility of moon colonisation.

By 1540 BST, Amazon shares were 0.01% lower at $1,609.98. The stock has shown a little volatility in recent weeks as investors work to lock in gains but still buy at a good level.

Amazon’s price target upgrade

Earlier Tuesday, MKM Partners analyst Rob Sanderson reiterated his buy rating on the Amazon stock and raised his price target to $1,840 from $1,750.

“We continue to view Amazon as the best long-term growth story among the mega-caps," Sanderson wrote in a note. “Amazon continues to become the storefront and logistics infrastructure for a meaningful portion of the retail industry.”

Amazon has made a few changes recently, including raising its Prime price for US users. However, that hasn’t appeared to hurt analysts view of the stock one bit.

In addition, Bezos’ tech and retail behemoth has announced a number of investment plans to expand its reach across the US.

Bezos’ space ambitions

Separately to the ongoing good news story for the Amazon stock, Bezos has shared some of his views and ambitions for the future.

Speaking at the recent Space Development Conference, Bezos said his space venture, Blue Origin, could work with NASA and the European Space Agency and work to create a settlement on the moon.

“We will have to leave this planet,” Bezos said, according to Geek Wire. “We’re going to leave it, and it’s going to make this planet better. We’ll come and go, and the people who want to stay will stay.”

Bezos added that in maybe 100 years, this is something that could happen.

“In the not-too-distant future — I’m talking decades, maybe 100 years — it’ll start to be easier to do a lot of the things that we currently do on Earth in space, because we’ll have so much energy,” he said.

Right now, Blue Origin is working to make space travel more accessible. It’s long-term plans, meanwhile, are to be part of creating an infrastructure that allows people to work and live on different planets.

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