As Amazon (NASDAQ: AMZN) transitioned from an e-commerce pioneer to a real technology behemoth, relying on advances in artificial intelligence (AI) to reshape its business model, it has recently joined the companies with a market capitalization of over $2 trillion, like Alphabet (NASDAQ: GOOGL).
Consequently, the price of Amazon stocks began its ascent toward the ultimate goal of $200, which Wall Street analysts believe could reach any time soon, particularly as they have raised their AMZN stock price targets in recent weeks, reflecting strong confidence in their future performance.
Amazon stock price prediction
Indeed, one of the latest organizations to raise their Amazon stock price targets is Bank of America (NYSE: BAC), which upgraded its prediction to $220 from the earlier $210, reiterating its ‘buy’ rating and explaining in a note that the retailer might deliver more than 9 billion packages globally in 2024. Its analysts wrote:
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“[Amazon] could now be the largest U.S. shipper, ahead of [United Parcel Service (NYSE: UPS)]. (…) Delivery speed is also dramatically improved, with nearly 25% of estimated units now delivered same or next day.”
With the most recent upgrade, the analyst consensus regarding AMZN stock’s price in the next 12 months has now increased to an average target of $221.55, which would suggest an increase of 14.62% from its current price, with the lowest target at $200 and the highest at $246, and a ‘strong buy’ score.
Amazon stock price analysis
At the moment, the price of Amazon stock stands at $193.30, reflecting a positive change of 3.46% on the day, as well as an increase of 3.55% across the week, while accumulating a gain of 6.16% in the last month, according to the most recent data retrieved on June 27.
All things considered, AMZN stock could indeed hit the price of $200, or even higher, very soon. However, things in the stock market can often be fickle so doing one’s own research and understanding all the risks involved is critical when investing in its assets.
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