Amazon (NASDAQ:AMZN) North America Revenues – which include its e-commerce, retail, and subscriptions revenues from North America – rose from around $171 billion in 2019 to about $236 billion in 2020 and to $289 billion in 2021. Trefis expects the metric to rise to over $380 billion by 2023.
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Growth picked up considerably in 2020 due to the impact of the Covid-19 pandemic. We expect longer-term growth to be driven by Amazon’s expanding fulfillment infrastructure and push into areas such as grocery and fresh foods.
We think Amazon stock is undervalued at current levels. We estimate Amazon’s valuation at about $4,070 per share, about 25% ahead of the current market price.
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|S&P 500 Return||0%||-5%||101%|
|Trefis MS Portfolio Return||2%||-8%||263%|
 Month-to-date and year-to-date as of 2/11/2022
 Cumulative total returns since the end of 2016