Analysts Keep Stepping Over Each Other With Higher Amazon Price Targets
Analysts have been tripping all over themselves chasing Amazon higher for quite a while. A couple more analysts have come out with new higher price targets for the e-commerce empire.
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Amazon.com Inc. (NASDAQ: AMZN | AMZN Price Prediction) has been a market darling throughout COVID-19 pandemic, and even long before this. It’s nothing new for analysts to raise their price targets for Amazon, even considering its stock is up over 60% year to date.
In fact, analysts have been tripping all over themselves chasing Amazon higher for most of recent memory. A couple more analysts have come out with new higher price targets for the e-commerce empire.
Goldman Sachs previously had a Buy rating with a $3,000 price target, and Jefferies previously had a Buy rating with a $3,100 price target. Now both analysts share a street-high price target at $3,800. Each of the analysts pointed to accelerated online spending this year during the COVID-19 pandemic.
Also on Monday, MKM Partners reiterated a Buy rating and raised its price target to $3,350 from $2,525.
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Despite these upgrades, Amazon shares have fallen for the past five sessions ahead of earnings, which was the longest losing streak since late May. Its 7.4% decline last week was its largest weekly drop since late February.
A few other analysts weighed in on Amazon earlier this month:
- Stifel reiterated a Buy rating and raised its price target to $3,300 from $2,600.
- Morgan Stanley reiterated it as Overweight and raised its target price to $3,450 from $2,800.
- Cowen reiterated an Outperform rating and raised its target price to $3,700 from $2,750.
- Mizuho reiterated a Buy rating and raised its price target from $3,100 to $3,450.
- Barclays reiterated it as Overweight and raised its price target to $3,430 from $2,500.
- Citigroup reiterated a Buy rating and raised its price target from $2,700 to $3,550.
Look for Amazon to report its most recent quarterly results soon. Analysts are calling for $1.34 per share in earnings and $80.84 billion in revenue. The same period of last year reportedly had $5.22 per share and $63.4 billion.
Amazon.com stock traded up about 3% to $3,060.81 on Monday, in a 52-week range of $1,626.03 to $3,344.29. The consensus price target is $2,930.30.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
