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Billionaire entrepreneur Mark Cuban said Amazon shares will keep going higher even after a near 30% rally this year.
“I think it goes up, up, up, up, up,” Cuban said on CNBC’s Fast Money on Monday. “People who weren’t comfortable dealing with Amazon for consumables, for food, for produce even, I think they’ve gotten to that habit now…I think Amazon just takes off. The stock is only going to go up.”
Shares of Amazon rallied 29.6% in 2020 so far, compared to the S&P 500’s 17% loss, as the e-commence giant benefits from the stay-at-home trend amid the coronavirus pandemic. The stock hit a record high last Thursday, among the firsts to fully make back the losses during the historic sell-off last month.
Cuban is the owner of the NBA’s Dallas Mavericks.
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a panelist.
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