Research Firm: Amazon Will Own Almost 10% Of Retail Sales By 2020

Investing.com - Amazon (NASDAQ:AMZN) has become a "preferred shopping destination" and will account for almost 10% of all retail sales by 2020, according to one Wall Street firm.Telsey Advisory Group issued that prediction, along with an outperform rating and a $1,900 stock price target in a note to clients.Telsey said Amazon will continue to grow at an "amazing" rate because of its "customer-centric approach", operational efficiency, technology platforms and Prime membership plan.Amazon just increased its Prime annual fee by $20, a move that will generate $2 billion in additional annual revenue.Telsey said Amazon's best multi-year growth opportunities are in the food and drug markets. Several other Wall Street firms recently raised their forecasts on Amazon after it reported blockbuster first-quarter earnings. Amazon shares are already up 35% this year.