A month after the Q2 earnings report, Amazon (NASDAQ: AMZN) stock continues to receive revised price targets that reflect the developments surrounding this e-commerce giant.
In addition to reporting better-than-expected earnings, Amazon continues to invest heavily in innovation, especially in utilizing artificial intelligence (AI), which is seen as a potentially revolutionizing technology for the e-commerce and parcel delivery sector.
Wall Street’s Amazon stock prediction
Analysts from Wall Street continue to factor in various developments, such as Amazon hiring robotics startup Covariant on August 30, with collaboration aimed at increasing the effectiveness and profit of its supply chain.
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Currently, AMZN shares receive a “strong buy” rating, with 42 analysts recommending a “buy,” one advising a “hold,” and none opting for a “sell.”
The average price target is $222.69 for the next 12 months, indicating a potential 28.48% upside from the latest closing price on September 4.
September 4 also saw the release of the latest price target for AMZN shares from Cantor Fitzgerald, which initiated coverage with an “overweight” rating and a $230 price target. This firm cites margin expansion and Amazon Web Services (AWS) as primary drivers of future growth.
The latest price target revision comes from Truist Financial on September 3, whose analysts reiterated a $230 price target, augmented by the expansion of the “Supply Chain by Amazon” platform, representing a $100 billion opportunity that the retail giant seems ready to capitalize on.
In what is a new Wall Street high, AMZN shares received a $265 price target and a “buy” rating from JMP Securities’ Nicholas Jones. He cites Ad services as one of the main components that will help bolster Amazon’s revenue through Prime Video Ad Monetization.
On September 2, Jefferies maintained its “buy” rating and a price target of $225, where experts visited the newly opened Amazon Fresh store in Northern California and were impressed by an advanced self-checkout technology and an extensive selection of groceries.
AMZN stock price
AMZN’s share price has been in a downward trend recently, recording a 1.66% decrease that settled at $173.33 at the September 4 close and extending losses of 0.12% from the previous five trading sessions.
However, AMZN stock performance in 2024 remains positive, as it recorded a 15.61% progress on a year-to-date (YTD) basis.
Despite a somewhat weak performance over the previous trading sessions, analysts at Wall Street remain positive about AMZN stock, as they see it progressing considerably in the upcoming 12 months.
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