Along with being the dominant e-commerce platform in the U.S. and much of the world, Amazon (NASDAQ: AMZN) has also been a major beneficiary of the ongoing artificial intelligence (AI) boom through its Amazon Web Services (AWS).
The business successes of Jeff Bezos’ giant have also been well-reflected in the stock market as AMZN shares have been on a steady path of growth since late 2022 and the trend hasn’t been broken by the increased pressure under which American consumers find themselves in the climate of reheating inflation.
Wall Street experts forecast Amazon stock price
As a public company, Amazon holds the relatively rare honor of having analysts be universally bullish about its future.
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Indeed, out of the 41 esports represented by the stock analysis platform TipRanks, 41 rate AMZN as “buy” meaning the company is overall considered a “strong buy.”
As could be expected, the price targets are similarly optimistic with analysts on average expecting Amazon to climb another 19.92% in the coming twelve months and reach $209.23 per share.
The most optimistic target of $230 was assigned by Mizuho on February 2, 2024, and constitutes a 31.82% upside from the press time price of $174.48.
Additionally, the lowest price target, assigned by JPMorgan (NYSE: JPM) in late November 2023, would also represent a slight increase from the latest closing price as it was set at $175.
Amazon stock price chart
While the question of whether Amazon stock will hit $200 or even go above in 2024 remains open, it is clear the e-commerce giant has been doing well in the stock market in recent years.
In the last 52 weeks, AMZN rose an impressive 78.57% while year-to-date (YTD), the company’s shares are 16.37% in the green.
More recently, Amazon has struggled somewhat and its stock has traded with significant volatility as it approached the old all-time high price of $186.12 which it held on July 8, 2021.
Indeed, in the last month, Amazon has been trading in a fairly wide range between $165.74 and $180.14 with the more recent prices gravitating toward the middle of the range. This has seen AMZN stock stabilize somewhat providing a good entry point investors.
It should be noted that it may not, despite the most recent trend, be smooth sailing toward $180 as some resistance is likely in the $178.23-$178.76 range.
In the last 30 days, AMZN shares are 4.43% in the green while the last full week of trading saw them rise 0.59%.
The latest full session – Monday, March 18 – also ended slightly positively for Amazon as its stock rose 0.03% to $174.48.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
