Though Amazon (NASDAQ: AMZN) has certainly been a player in the Q1 2024 stock market bull run, having risen substantially since January 2, it received another major boost at the very end of April.
The company’s earnings report, covering the first trimester of the year, offered a positive surprise as it demonstrated that both the core business, and the more technology-oriented Amazon Web Services (AWS) grew both substantially and more than was forecasted.
The positive announcement led to an onslaught of price target upgrades in the week following the release, and a surprisingly clear-cut consensus emerged on the range AMZN shares might find themselves in 12 months’ time.
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Analysts overwhelmingly upgrade AMZN stock price targets
With Amazon’s revenue growing to $143.3 billion and earnings per share (EPS) to $0.98 and AWS and advertising to $25 billion and $11.8 billion respectively, it isn’t strange that major analyst firms have had an overall positive reaction.
Most of the changes to the price target for AMZN settled on between $220 and $225 per share as a reasonable forecast, with some of the most notable examples coming from Wedbush – reiterating $225 – Goldman Sachs (NYSE: GS) – from $220 to $225 – and BMO Capital – from $215 to $220.
The latest to join the parade was Loop Capital, which also bumped its price target from $215 to $225 while, like the other firms, maintaining that Amazon shares are a strong pick for any investor.
AMZN stock price chart
While AMZN has been doing very well since the start of the year, hitting the higher target of $225 would still require a 19.5% surge given that Amazon price today stands at $188.22.
Still, with the blue-chip rising 25.54% in just over 4 months, a surge of another 19.5% across the coming 12 months might prove an underestimate of what AMZN shares can achieve.
More recent trading has also been positive for Amazon stock – though April and the week prior to the report features some jitters – and it is up 1.64% in the last 30 days and 3.89% in the last full week of trading.
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