Skip to content

Wall Street bets Amazon (AMZN) could surge this much in 2024

Wall Street bets Amazon (AMZN) could surge this much in 2024

Amazon.com Inc. (NASDAQ: AMZN) is trending after surprisingly positive earnings in 2023 Q4. AMZN is nearing its all-time high from 2021 at $171.81 per share on the Nasdaq stock exchange, and Wall Street analysts are extremely bullish on its future.

Notably, 52 analysts predict an average price target of $199.93 for Amazon stock one year from now, according to TradingView. This would mean 16.36% yearly gains for buyers entering at current prices despite its closure to previous tops.

From the predictions, the most bullish case sets AMZN at $230 per share for 33.87% gains. On the other hand, a bearish forecast would price Amazon stock at $151 for 12.11% losses. These are the maximum and minimum estimates by Wall Street analysts.

Nevertheless, 50 of 59 analysts consider Amazon.com a “strong buy” at these prices, and none recommend investors to sell.

Amazon.com Inc. (NASDAQ: AMZN) Wall Street forecast. Source: TradingView

AMZN stock price analysis

In the weekly chart, AMZN shows strength according to the Relative Strength Index (RSI), threatening to enter the overbought zone. This results from an impressive surge from its local bottom at $81.43 in 2023’s first week.

Interestingly, Amazon stock is $16.84 to its all-time high of $188.65. This means a 10% increase would test the historical price resistance. In this context, the resistance testing is really close now, considering a 7.83% surge in this past week alone.

AMZN weekly chart on NASDAQ. Source: TradingView

Amazon 2023 Q4 earnings report

On February 1, Amazon reported a 14% rise in Q4 net sales, reaching $170.0 billion, with a slight exchange rate boost. AWS sales grew 13%, hitting $24.2 billion, as North America and International sales soared to $105.5 billion and $40.2 billion, respectively.

In the meantime, operating income climbed to $13.2 billion, with North America and AWS segments reporting significant gains.

Additionally, net income surged to $10.6 billion or $1.00 per share, a substantial increase from the previous year’s $0.3 billion. This figure reflects a smaller loss from Amazon’s investment in Rivian Automotive compared to Q4 2022. The company’s financial health improved notably across all segments, with losses shrinking in the International division.

All things considered, Amazon must be able to keep pace at showing good results to the stock market. Consequently, it may reward its investors, shareholders, and Wall Street analysts by fulfilling their expectations.

Buy stocks now with Interactive Brokers – the most advanced investment platform

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.