After publishing strong Q1 results driven by its increased focus on artificial intelligence (AI), the price of Amazon (NASDAQ: AMZN) shares has soared to reach its new all-time high (ATH), and experts remain bullish on its further movements in the following 12 months.
As it happens, AMZN has reported solid results for the first quarter of 2024, which saw its revenue increasing 13% year-over-year (YoY), and earnings per share (EPS) grow more than three times to $0.98, mostly thanks to the company’s AI apps, AI chips Trainium and Inferentia, and AI-building platforms.
Amazon stock price prediction
In this context, 41 Wall Street analysts who have shared their predictions of the future performance of AMZN stocks during the last three months have unanimously rated them as a ‘strong buy,’ with no recommendations for a ‘hold’ or a ‘sell,’ as per TipRanks data on May 10.
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Meanwhile, the experts have also provided their Amazon stock price targets for the following year, predicting an average price of $219.75, which would suggest a 15.97% gain from its price at press time, with the lowest target at $200 (but still an increase of +5.55%) and the highest standing at $245 (+29.3%).
Notably, one of these experts is Loop Capital analyst Rob Sanderson, who raised the price target on Amazon shares from $215 to $225 following the recent strong earnings report, expressing optimism that AMZN would continue to report profits beyond Wall Street’s expectations.
Amazon stock price analysis
So, what is the price of Amazon stock today? After recently hitting a new record high of $191.70, Amazon stock is now changing hands at the price of $189.49, recording an increase of 0.8% on the day, advancing 2.07% across the previous week and adding up to the 2.09% gain over the past month, according to the most recent charts.
All things considered, renowned experts seem to agree that Amazon could be on its path toward an even higher stock price, and its recent ATH seems to justify their confidence. However, the stock market can be unpredictable, so doing one’s own research is critical when investing.
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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.
