Amazon’s stock hit an all-time high today, closing at $268.43 per share, after a Wall Street analyst upgraded the company’s stock, saying that investors have been underestimating Amazon’s global network of distribution centers.
The upgrade was notable in part because the analyst, Morgan Stanley’s Scott Devitt, had downgraded the company’s shares last February.
In his note today, Devitt called the company’s fulfillment network an “underappreciated, strategic asset.”
“Our conviction to upgrade Amazon.com is based on the international opportunity, but it is supported by the disparity between Amazon.com and other online / offline competitors’ fulfillment assets,” he wrote, according to Barron’s Tech Trader Daily, adding later: “Amazon.com appears to be redefining the fulfillment learning curve as it grows, and this may likely leadto sustainable barriers to any other global entrant.”
On the Street.com, pundit Jim Cramer today called Bezos the “Sam Walton of our time.”