Amazon’s growing India business alone is likely worth more than Macy’s

A valuation of $16 billion makes the business worth more than 170 companies in the S&P 500, including Clorox, Macy’s and Tiffany & Co.

May reiterated his $1,900 price target for Amazon shares, representing 20 percent upside to Thursday’s close.

The analyst noted Amazon has committed to spending $5 billion to build its business in India, whose population of 1.3 billion makes it the world’s second-largest country.

“Amazon’s investments in India have been consistent with a strategy for long-term success,” he said. “For instance, the company has aggressively built out its distribution network to service the third-party sellers and customers it serves in the market.”