Yesterday, Amazon (AMZN) hosted a special event in Seattle where it took to the stage for an unveiling that was described as “the largest number of devices and features that Amazon has ever launched in a day.” During the Amazon Devices Event, the company expanded its reach in the home and automobile with an onslaught of new innovations largely designed to ultimately make it easier to shop on Amazon.
SunTrust’s top analyst Youssef Squali commented, “Amazon unveiled a slew of device updates, new devices, software updates, and features on Thursday this week. Strategically, we believe the timing makes sense as AMZN tries to build on the momentum of the Echo/Alexa, effectively going after more devices around the household ahead of the busy Holiday season. Amazon is trying to own the home with its connected devices, and is effectively using proprietary smart hardware devices to handle household tasks ranging from voice shopping/easy reorder, music streaming, video consumption, basic cooking/heating and home security, in our view. If successful, we believe this can help to further boost customer loyalty, create platform ubiquity, and drive greater wallet share of the consumer overtime.”
Squali reiterates a Buy rating on Amazon shares with a price target of $2,150, as he continues to find management’s maniacal focus on the customer and leveraging technology innovation to disrupt commerce, entertainment and IT services, to be strong differentiators and sustainable competitive advantages.
Youssef Squali has a very good TipRanks score with a 70% success rate and a high ranking of #59 out of 4,879 analysts. Squali realizes 22.9% in his yearly returns. When recommending AMZN, Squali earns 50.7% in average returns on the stock.
Net net, most analysts on Wall Streets are out rooting for this e-commerce titan to be a winning stock pick, as TipRanks analytics showcase AMZN as a Strong Buy. Based on 40 analysts polled in the last 3 months, 39 rate a Buy on Amazon stock while only 1 recommends a Hold. The 12-month average price target stands at $2,164.51 marking a nearly 12% upside from where the stock is currently trading. (See AMZN’s price targets and analyst ratings on TipRanks)