Analysts Unite in Endorsing Amazon for 2024
Amazon.com, Inc AMZN sparks fervor as multiple analyst firms crown the e-commerce titan as a primary selection for the year.
Notable Acclaim: On a single day, five diverse analyst bodies laud Amazon as their pinnacle choice for 2024, as per CNBC.
Emphasizing the Experts: Here’s a comprehensive look at every analyst firm that has designated Amazon as their top contender for the new year:
- Goldman Sachs, Wells Fargo, BofA, Citi, Evercore, Berstein, Roth MKM, Baird, RBC Capital, Telsey, Wedbush, Rosenblatt, Needham, Wolfe Research, Raymond James, Canaccord Genuity, Satori Fund, Piper Sandler and D.A. Davidson.
While appearing on CNBC’s “Squawk On The Street,” CNBC’s business and technology correspondentKate Rooney proffers insights into the profusion of accolades showered on Amazon by a multitude of establishments.
The perpetual reinvigoration of Amazon Web Services (AWS) growth has been a consistent impetus for analyst buoyancy. Fueled by augmented cloud spending and a stabilizing cloud revenue, the dynamism of AWS serves as a catalyst, as per Rooney.
An additional echo among analysts resounds that the AI exposure of Amazon is inadequately acknowledged. Numerous analysts contend that Amazon is conspicuously positioned to wield influence in the impending commercialization epoch of AI, as related by Rooney.
Lastly, analysts underscore the operational efficiency of Amazon, portending an enhancement of gross margins. Furthermore, the ostensible prospect of advertising could be a substantial contributor to top-line growth in 2024, in the view of Rooney.
Amidst the reverberations, Wedbush heralds Amazon as the “everything stock” this week. Meanwhile, Satori Fund envisages Amazon as a potential defensive asset in portfolios, foreseeing the company’s capacity to procure market share during economic downturns.
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AMZN Price Action: Progressing by approximately 75% in the past year, Amazon shares manifested a 2.15% decline, resting at $145.28 on Thursday afternoon, as per Benzinga Pro.
Photo: Courtesy of Amazon.