#6 - Amazon.com (NASDAQ:AMZN)
Before AI became the cool kid on the block, Amazon.com Inc. (NASDAQ: AMZN) was already using AI in many ways, including its Alexa assistant. But consumers first became familiar with the company’s AI in the “you might also like” feature.
The bottom line for prospective investors is that the company was an early adopter of AI and continues to showcase AI in many ways throughout its vast ecosystem, including designing two of its own chips.
AMZN stock dropped sharply after a slight revenue miss in its earnings report, but investors have already gobbled up most of that dip, and the stock is within 10% of its pre-earnings price. The stock is also now trading around 37x forward earnings, which seems like a proper valuation for a stock that was trading around 53x forward earnings not long ago.
Furthermore, the Amazon analyst forecasts on MarketBeat give a consensus price of $221.69 which is 23% higher than its closing price on August 20, 2024.
About Amazon.com
Amazon.com, Inc engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Echo, Ring, Blink, and eero; and develops and produces media content.
Read More - Current Price
- $199.12
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 41 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $246.48 (23.8% Upside)
