Wall Street Sets Amazon Stock Price for the Next 12 Months
Amazon recently had a landmark quarter, surpassing its own profit and revenue forecasts. The company saw an 11% increase in sales across all categories in Q2, exceeding analyst estimates. With the buzz around AI in 2023, Amazon sees significant growth opportunities in the generative AI field. As a result, stock market analysts on Wall Street have raised their target price for AMZN stock for the next 12 months. Here are the key points:
– The average analyst target price suggests a 22% gain.
– Analyst consensus at TipRanks is a ‘strong buy,’ with an average target price of $171 for the next 12 months.
– After Amazon’s impressive earnings, analysts updated their target price and reiterated their buy rating.
– UBS analyst Lloyd Walmsley raised his target price to $170 from $150, citing new demand driven by generative AI.
– Citi analysts also raised their target price to $167 from $145, emphasizing Amazon’s stable AWS growth and improving eCommerce operations.
On the technical side:
– AMZN stock is currently trading near a strong resistance point of $145.
– A break above this level could lead to a target price of $176 within the next 12 months.
– However, a failure to break the $145 level may result in a pullback to $126, presenting a buying opportunity for long-term bullish investors.
In conclusion, Amazon’s strong performance and growth opportunities in generative AI have led Wall Street analysts to raise their target price for AMZN stock. With the potential for significant gains, investors should keep a close eye on Amazon’s stock price in the coming months.
Hot Take
As Amazon continues to excel in various sectors and explores new growth opportunities, its stock price is expected to rise further. The company’s focus on generative AI and positive market sentiment among analysts indicate a promising future. Investors should consider taking advantage of any potential pullbacks in the stock price as long-term bullish prospects for Amazon remain strong.
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