Investment manager Bill Miller — whose firm invested $1 billion in bitcoin in 2017 — predicts that Amazon’s stock price will double over the next three years, but believes Apple will struggle in the short term. “Amazon should double again in the next three years,” Miller — an Amazon perma-bull — told CNBC. “The top line is going grow somewhere in the 225% range.” 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 — whose 2017 revenue topped $177 billion — hit $1 trillion in market cap for the first time in September 2018. It then dropped due to the year-end selloff in late-2018. Despite the selloff, Amazon shares are still up 30% over the last 12 months. On Monday (Jan. 7), Amazon stock (AMZN) closed at $1,629, up 3.4% — continuing a five-day rally, as seen in the Yahoo Finance chart below. 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.
On January 2, Apple shares tanked 9% after CEO Tim Cook said the tech giant will miss its Q1 revenue projections by at least $5 billion. As CCN reported, Apple has been in serious trouble for some time. On Dec. 21, 2018, AAPL flashed a bearish “death cross” for the first time in three years. The death cross is a fairly reliable predictor of bear markets. It occurs when a stock’s short-term moving average crosses below its long-term moving average. The appearance of a death cross is usually followed by a mass sell-off, and that’s exactly what happened with Apple last week. The sell-off continued Monday, with AAPL closing at $147.93, down 0.22%, on higher-than-average trading volume.
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