, Inc.: Could Amazon Stock Double Next Year?

Amazon StockAmazon Stock follows Jeff Bezos’ soaring ambitions, Inc. (NASDAQ:AMZN) stock closed at a record high of $800.00 on Thursday. It was only in April 2015 that Amazon stock had crossed the $400.00 threshold for the first time. And now, Amazon has announced another new service, signalling that the company does not want you to share your wallet with any other online player., Inc. has just announced that it will offer its own photo printing service: “Amazon Prints.” This service competes directly with services provided by the picture specialist Shutterfly, Inc. (NASDAQ:SFLY), as well as with big players like Wal-Mart Stores, Inc. (NYSE:WMT). Amazon’s new service will offer printed photos at very competitive rate of $0.09 per picture. This will also be accompanied by higher-value offerings like photo books, calendars, and greeting cards.

Amazon is going after the huge market of digital photography. Earlier, the company had started “Amazon Vehicles” to tap into the growing car-information search market, making things worse for companies like CarMax (NYSE:KMX). Amazon already has presence in video streaming that competes with companies like Netflix, Inc. (NASDAQ:NFLX). These initiatives have helped the company increase its “Amazon Prime” membership numbers.

After establishing itself firmly in the e-commerce and cloud computing space, Amazon is looking at new growth areas and seems to be doing exceedingly well. The company’s strategy of lowering costs to increase market share is paying off as AMZN stock goes from one high to another. Amazon CEO Jeff Bezos knows how to enter new markets and make them profitable. The growth of “Amazon Web Services” is a good case in point.

Value investor Bill Miller had remarked earlier this month that he expected AMZN stock to double in three years. He said that Amazon will grow on the back of revenue growth and margin expansion in its Web services business. (Source: “Amazon shares could double in three years, Bill Miller says,” CNBC, September 13, 2016.)

Moreover, Jeff Bezos is not content with Amazon’s leadership position in the United States. The company has already announced a $3.0 billion investment in its India business, where Bezos sees a huge market potential for the services provided by Amazon.

With so many growth areas that can be tapped into by the online retail giant, investors are looking forward to another profitable quarter and many more new announcements from Jeff Bezos. Amazon stock may well be on its way to making another record high soon.