In what has proven to be a year of revival for the tech market, Amazon (NASDAQ: AMZN) shares have once again delivered a strong performance, showing a record of positive gains in recent history.
These positive results are supported by robust financial performance. The e-commerce giant’s third-quarter earnings for 2023 skyrocketed to an impressive $9.9 billion, in contrast to the previous year’s $2.9 billion in the same period.
This performance, coupled with Amazon’s sound fundamentals and promising growth prospects, has translated into a strong positive sentiment among investors, underscoring its robust stock market performance throughout the year.
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At the time of press, AMZN stock is trading at $146.74 per share on Monday, November 27. Its price closed at $146.74 per share on Friday; it gained 0.02%, adding to a 2.87% increase in value over the past five days.
Over the last month, this stock has been trading within a range of $127.74 to $147.20, and it’s currently close to the upper end of this range. With prices experiencing an increase recently, investors may be looking to initiate new long positions now.
Wall Street’s forecast for AMZN
Notably, Wall Street analysts’ average 12-month price objective for AMZN currently stands at $175.51, implying around 19.61% further upside compared to the current share price.
The stock has an average analyst rating of ‘Strong Buy,’ based on 41 ‘Buy’ recommendations, while none advised ‘Hold’ nor suggested a ‘Sell.’
Forecasts suggest increased optimism from analysts, with predictions going as high as $210. Factors such as Amazon’s market dominance, diversification strategies, and potential for innovation in various sectors could be driving these high expectations. The current price of this stock already surpasses the lowest prediction.
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