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Wall Street sets Amazon stock price for the next 12 months

Wall Street sets Amazon stock price for the next 12 months

Last year, the e-commerce giant Amazon (NASDAQ: AMZN) stood out as one of the blue-chip firms whose stock market rise could not be hampered by recessionary fears, and the company has, with 2024’s S&P 500 record surge, only continued its strong upward trajectory.

Indeed, the company not only retains its leading position in the e-commerce sector but has established a near-monopoly over the ebook market and has solidified itself in the world of entertainment – in gaming and in streaming, even producing a TV show with the highest-ever budget of $1 trillion in 2022.

The company has also put its foot in the door of the ongoing artificial intelligence (AI) boom by providing cloud services through its AWS.

More recently, however, the decision to sell as many as 50 million shares by the start of 2025 made by the company’s founder, Jeff Bezos, raised some concerns among investors, but despite this, analysts and other experts appear unphased.

Analysts see a near 20% upside for AMZN stock

Given Amazon’s well-established position in the global economy and the positive recent developments, it comes as little surprise that the 39 experts analyzed by TipRanks are highly bullish on the stock.

In fact, all 39 of them rank the company as “buy,” thus giving it a consensus rating of “strong buy.” Additionally, the average price target that emerges from individual forecasts demonstrates that the overall impression is that Amazon will experience strong growth throughout 2023.

Ultimately, the general expectation is that the shares of the company will find themselves near $207.66 – 19.04% above their press time price of $174.45. The high forecast would see Amazon stock surge even higher to $230, while even the low target represents a slight upside to $175.

Amazon analyst rating. Source: TipRanks

Some of the most prominent bullish rating changes came from UBS’ Lloyd Walmsley, who recently increased the price target from $180 to $198, and Oppenheimer’s Jason Helfstein, who raised it from $200 to $210.

AMZN price analysis

Judging by all commonly-analyzed timeframes, Amazon’s performance has indeed been very strong. In the last 52 weeks, the company’s shares soared 75.26% and since January 1, they are 16.35. Year-to-date (YTD), the biggest spike in the stock’s price came at the very start of February after the firm published a very strong earnings report.

AMZN YTD stock price chart. Source: Finbold

Looking at the short term, Jeff Bezos’ company continues to impress as it is up 12.28% in the last 30 days, 2.67% in the last week. Amazon is also 2.71% in the green in the latest session and closed at $174.45 on Friday, February 9.

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