Why Amazon Stock Surges Again Today
Amazon’s stock is already up about 23% in 2024, and some analysts are expecting a very strong quarterly report next month.
Amazon (Amazon 2.11%) The stock is up in Tuesday trading. Shares of the e-commerce and cloud computing giant closed the daily session up 2.1%, according to data from S&P Global Market Intelligence.
Amazon stock enjoyed solid bullish momentum today thanks to positive reports from analysts. The e-commerce leader recently set a new record with its Prime Day event, according to a research note from JMP Securities. Also, Morgan Stanley We have revised our target price upward for the stock.
Amazon Prime purchases may have surged into the double digits.
JMP Securities estimates that Amazon’s e-commerce marketplace gross merchandise volume increased 11% to 12.7% during its annual Prime Day event on July 16 and 17. The firm maintained a Buy rating and a one-year price target of $225 per share, which would represent an upside of about 21% from Amazon’s closing price of $186.41 today.
Morgan Stanley slams Amazon ahead of earnings report
Morgan Stanley today issued its own bullish report on Amazon, maintaining an overweight rating on the stock and raising its one-year price target from $220 per share. According to the article, Amazon remains Morgan Stanley’s No. 1 megacap stock.
The company expects its Amazon Web Services (AWS) and North American e-commerce divisions to support strong second-quarter results. Morgan Stanley analysts see AWS growing at least 18%, a measure of its position in the generative artificial intelligence (AI) space. The company also expects revenue from its North American retail business to beat Wall Street expectations in the near term.
With today’s gains, Amazon stock is up about 23% for the year. The company is due to report after the market closes on Aug. 1.
John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has a position in and recommends Amazon. The Motley Fool has a disclosure policy.
