Amazon stock will double in 3 years, says hedge funder, Bill Miller whose firm invested $1 billion in bitcoin in 2017.
Miller told CNBC on Monday, saying that it’s not unrealistic to expect Amazon stock to double, noting that the online retailer’s “addressable market is so gigantic.”
According to Miller, Microsoft’s market value stands at about $785 billion. In September, Amazon reached a $1 trillion market cap for the first time before losing ground in the late-year sell-off. Despite that sell-off, Amazon is still up 30 percent over the last 12 months.
Miller blamed last year’s performance on the December rout, saying the sell-off “really, really hit us.”
“At the end of the third quarter, I think we were about 700 or 800 basis points ahead of the market,” he said. “We gave all that back and more in the fourth quarter.”
Given that bullish revenue projection, the founder of Miller Value Partners said it’s not unrealistic to expect Amazon stock to double, noting that the online retailer’s “addressable market is so gigantic.”
Amazon has now surpassed Apple to become the world’s most valuable public company, and Bill Miller doesn’t expect it to slow down anytime soon.