Amazon.com remains top internet idea at JPMorgan

JPMorgan says Amazon.com (AMZN) remains the firm’s best internet idea with an Overweight rating and $240 price target. JPMorgan estimates Amazon’s U.S. gross merchandise volume reached $536B in 2024, up 9.2% year-over-year, driving 46% share of U.S. e-commerce and 11% share of U.S. adjusted retail sales. The former almost doubled since 2015 and the latter nearly quadrupled, led by Amazon’s diverse merchandise volume base, delivery speeds, expansive selection, and competitive pricing, the analyst tells investors in a research note. Current estimates suggest that Amazon will surpass Walmart (WMT) as the largest U.S. retailer in 2025, driven by growth in underpenetrated categories, faster delivery speeds, the Prime flywheel, and strength of third party, JPMorgan notes.