Amazon.com Inc. (NASDAQ: AMZN) 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.
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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