Analysts revise Amazon stock price target
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Amid continuous investments in its artificial intelligence (AI) future, with an increased focus on data-center infrastructure rather than retail warehouses, certain Wall Street analysts have updated their Amazon (NASDAQ: AMZN) stock price targets for the next 12 months. Indeed, after hitting an all-time high (ATH) of $197.80 on June 27, 2024, Amazon stock slightly retraced but remained comfortably in the area above $190, more recently returning above $195 and threatening to break the record again with its renewed push towards it. Amazon stock price prediction In this context, several Wall Street analysts offering their AMZN stock price targets in the past three months have updated their predictions for its performance in the next 12 months, including Needham, which has reiterated the ‘buy’ rating and a $205 target, citing Amazon’s advertising results: “Advertising revenue associated with Amazon Prime Video’s streaming service will grow over 113% y/y in 2024, they believe, because it introduced massive new connected TV (CTV) advertising units into the marketplace by making all of its 200mm global subs ad-driven, starting in January 2024.” At the same time, Wells Fargo raised its AMZN shares price target from $234 to $239, giving them an ‘overweight’ rating in a research report that focused on Amazon’s stable revenue outlook for 2024, with a slight increase in operating income (OI) expectations. Meanwhile, Monness Crespi & Hardt’s Brian White reiterated his ‘buy’ score and the price target of $225, to which he raised his expectations from the previous $215 earlier in May, arguing that the upcoming Amazon Prime Day on July 16-17, featuring a number of celebrities, will be an “iconic” event. Taking the most recent updates and confirmations into consideration, the average price target for Amazon shares in the next 12 months now stands at $221.70, which indicates a possible increase of 12.42%…
Filed under: News - @ July 2, 2024 10:24 am