Despite Amazon (NASDAQ: AMZN) stock finding itself in a steady decline since early August, Wall Street analysts have, for the most part, retained their optimism for the technology and e-commerce giant.
Early on Wednesday, September 30, Scott Devitt from Rosenblatt Securities joined the bullish chorus by issuing a ‘Buy’ recommendation for AMZN shares and increasing his 12-month price target from $335 – 35.81% above the latest $246.67 close – to $360, for a 45.94% predicted upside.
According to the note, the Wall Street expert completely rejects the notion that the use of agentic artificial intelligence (AI) will disrupt Amazon’s advertising model and general dominance.
Simultaneously, Devitt expressed his firm’s conviction that, even if there is substantial disruption, the blue-chip technology giant will be able to navigate the transition mostly unaffected, backing the bull case.
Wall Street predicts Amazon stock price in the next 12 months
Zooming out, Rosenblatt’s analysis is only slightly more bullish than the Wall Street average.
Overall, Amazon stock is regarded as a ‘Strong Buy’ by institutional experts and boasts thirty-nine positive, two neutral, and no ‘Sell’ recommendations, per the data Finbold retrieved from TipRanks on September 30.
Similarly, the average AMZN equity price target for the next 12 months is high and at $331.82, meaning Wall Street anticipates a 34.52% rally within the timeframe.
Finally, September revisions have been largely bullish, featuring a series of ‘Buy’ recommendations and forecasts above $300.
Rothschild & Co Redburn’s Alexander Haissl was the only outlier with both a ‘Hold’ recommendation and a $230 12-month Amazon stock price target – 6.76% below the latest close.
AMZN stock wipes out most post-earnings gains
Meanwhile, though AMZN shares remain 8.91% in the green year-to-date (YTD), they have also suffered a total 13.15% decline between early August and September 29 – the most recent regular trading session.
Additionally, the two months of trading erased most of the rapid 25% gain that came immediately after the blockbuster July quarterly earnings report.
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