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Home News

Amazon Stock Outlook Remains Positive: Analyst

by Administrator Forexezy
October 24, 2023
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An analyst at Seaport Research Partners, Aaron Kessler, has expressed confidence in Amazon.com stock, stating that it is still a buy despite the impressive gains it has made this year. Kessler’s optimism stems from the company’s strong performance in both its cloud business and retail sales.

In a research note, Kessler initiated coverage of Amazon (ticker: AMZN) with a Buy rating and set a price target of $145, representing a potential 15% increase from the stock’s closing price on Monday. This positive rating comes just ahead of the company’s upcoming third-quarter earnings report.

As of Tuesday, shares of Amazon were up 0.8% to $127.59. The stock has already experienced a remarkable 52% increase this year.

Kessler particularly highlights Amazon Web Services (AWS), the company’s cloud computing platform for businesses, as a key factor behind his bullish outlook.

According to Kessler, “AWS remains the clear cloud infrastructure leader, and we expect growth to reaccelerate.”

However, it is not just AWS that serves as a catalyst for Amazon’s future success. Kessler also anticipates steady growth in the company’s e-commerce retail segment, especially in essential categories such as beauty, health, and personal care. Despite the pressures of inflation and interest rates on consumers’ wallets, Amazon continues to see strong demand. Additionally, customers are increasingly looking for value in their purchases, which benefits Amazon.

Alongside Amazon, Kessler also initiated coverage of several other companies, including Meta Platforms (META), Pinterest (PINS), Uber Technologies (UBER), GoDaddy (GDDY), Wix.com (WIX), and Squarespace (SQSP), all receiving Buy ratings. He also assigned Neutral ratings to Alphabet (GOOG), Airbnb (ABNB), and DoorDash (DASH).

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