Amazon should surpass Walmart as largest retailer in 2022, says JPMorgan

Heading into Thanksgiving, JPMorgan analyst Doug Anmuth continues to expect a strong online holiday season, albeit against tougher comps and with a resurgence in physical retail. He expects U.S. online holiday sales to grow 14.5% year-over-year coming off "outsized pandemic-driven" growth of 32% year-over-year during the 2020 holiday. Amazon.com (AMZN) maintains 40% share of U.S. e-commerce and should surpass Walmart (WMT) as the largest U.S. retailer in 2022, Anmuth tells investors in a research note. He points out that Amazon has doubled its fulfillment network since the pandemic began and is "no longer space-constrained." Anmuth has an Overweight rating on Amazon shares with a $4,350 price target.