#1 - Amazon (NASDAQ:AMZN)
Amazon.com, Inc. (NASDAQ: AMZN) is a multifaceted conglomerate best known to many consumers for its e-commerce business. That may not be the reason that Cathie Woods’ Ark fund is buying AMZN stock — that would be its Amazon Web Services (AWS) business, which ties in the company’s positioning around artificial intelligence (AI). But it’s the consumer-facing part of the business that’s likely to outperform if consumers feel they have more purchasing power.
AMZN stock is down about 12.5% from its 52-week high reached this summer. However, it’s important to note that the stock is about 10% after a post-earnings pullback of around 15%. At its current price, it’s also at a key area of resistance around $178.
The Amazon.com analyst forecasts on MarketBeat show bullish sentiment with a consensus price target of $222.49, which would provide a 24.75% upside. The next catalyst isn’t expected until the company reports earnings in October, which means a volatile September could provide an ideal entry point.
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
- $199.50
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 41 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $246.48 (23.5% Upside)
