Amazon set to open above $2,000 a share for the first time

David Paul Morris | Bloomberg | Getty Images

Amazon CEO Jeff Bezos (l) and Fiat Chrysler chairman John Elkann walk the grounds at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 12, 2018.

Shares of Amazon edged higher in the premarket Thursday, putting the stock price on track to reach $2,000 a share for the first time ever.

Amazon traded at $2,001 per share before the bell a day after closing at $1,998.10, a record high.

The stock’s gains Thursday follow a 3.2 percent jump on Wednesday that was sparked by a price target hike at Morgan Stanley. Analysts at the bank raised their 12-month price target on Amazon to $2,500 — the highest on Wall Street — from $1,850. Morgan Stanley’s new target on Amazon implies a 25.1 percent upside from Wednesday’s close.

“We have increasing confidence that Amazon’s rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability and continued upward estimate revisions,” analyst Brian Nowak said in a note to clients Wednesday.

Amazon shares have been on a tear this year, surging 70.9 percent through Wednesday’s close. They have also more than doubled over the past 12 months.