In a report released yesterday, Scott Devitt from Stifel Nicolaus maintained a Buy rating on Amazon (NASDAQ: AMZN), with a price target of $2525. The company’s shares closed yesterday at $1719.36.
Devitt noted:
“We are adding and removing Alibaba. We are making this change given near-term optimism for Amazon and an increasingly uncertain China macro environment.”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 20.6% and a 65.4% success rate. Devitt covers the Technology sector, focusing on stocks such as Paypal Holdings, Alphabet Inc, and Mercadolibre.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Amazon with a $2182.38 average price target, which is a 26.9% upside from current levels. In a report issued on September 26, Macquarie also maintained a Buy rating on the stock with a $2200 price target.
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Based on Amazon’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $52.89 billion and net profit of $2.53 billion. In comparison, last year the company earned revenue of $43.74 billion and had a net profit of $256 million.
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