One of the largest publicly-traded companies in the world, Amazon (NASDAQ: AMZN), has seen impressive gains since it held its Q3 2024 earnings call on October 31. The price of Amazon stock increased from $186.40 at that time to $231.14 by press time — equating to a 24% surge. This latest move has brought year-to-date (YTD) returns up to 54.16%.
Per the earnings report, Amazon has outperformed analyst expectations with a double beat — revenues came in slightly above estimates, while earnings per share (EPS) did so much more significantly. In addition, the business recently announced Amazon Nova, a suite of AI models aimed at tackling available models from rivals such as Meta (NASDAQ: META) and OpenAI.
To boot, the company’s $10 billion investment in Project Kuiper could eventually position Amazon as a competitor to Elon Musk’s Starlink.
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At present, everything seems to be going quite well for Amazon — although co-founder Jeff Bezos’ infamous ‘$200 sell wall’ is still in effect. Equity researchers from premier Wall Street firms are quite bullish on the stock — and they’ve recently revisited their price targets for 2025. Let’s take a closer look at exactly what they had to say.
Equity researchers reiterate bullish price targets for Amazon stock
Head of JPMorgan’s (NYSE: JPM) U.S. internet equity research, Doug Anmuth, restated his prior ‘Overweight’ rating on Amazon stock. Anmuth set a new price target at $280 — up to this point, JPMorgan was forecasting a price point of $250 for AMZN shares.
Further clarifying his revision, the analyst noted that, while he expects holiday season sales to come in at a 7.5% year-over-year (YoY) growth, less than last year’s 9.8%, this still represents solid growth in e-commerce — particularly for a business of Amazon’s scale.
JPMorgan also believes U.S. e-commerce penetration of adjusted retail sales could nearly double from 22% today to 40%-plus long term.
In much the same vein, Bernstein internet equity analyst Mark Shmulik reiterated an ‘Overweight’ rating. In a note shared with investors, the researcher set a new price target of $265, up from the previous forecast of $235.
He cited Bernstein’s expectations that margins will increase to 11.4% by 2025 and that advertising revenue will grow by approximately 20% over the same timeframe as key drivers behind the decision. To arrive at the $265 figure, Bernstein used a 29.3x EV/EBIT multiple, based on the firm’s increased $99.6 billion EBIT estimate for 2026.
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