#1 - Amazon (NASDAQ:AMZN)
With a market cap of “only” 1.93 trillion, Amazon.com Inc. (NASDAQ: AMZN) feels like an afterthought among the Magnificent Seven stocks. But AMZN stock is up 20% in 2024, making it one of the year’s top-performing stocks.
Much of that growth is coming from the company’s Amazon Web Services (AWS) business. This is the company’s cloud computing business, which has a 31% market share in the cloud infrastructure market. AWS delivered $25 billion in revenue in its most recent quarter, a 17% year-over-year improvement.
That made up for slightly lighter revenue in its signature e-commerce business. Lower interest rates are likely to boost that area, but the analyst community is probably not pricing it in.
Amazon is already using its AWS business to enhance the artificial intelligence (AI) capabilities of its e-commerce unit. And a September rate cut would be like having a second Prime Day (which the company will hold in July).
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
- $187.97
- Consensus Rating
- Buy
- Ratings Breakdown
- 41 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $222.84 (18.5% Upside)
