In a report released today, Scott Devitt from Stifel Nicolaus maintained a Buy rating on Amazon.com, Inc. (AMZN), with a price target of $2300. The company’s shares opened today at $1887.31.
Devitt said:
“We expect continued top line momentum following an impressive holiday season given the healthy macro backdrop, strong retail sales growth in the U.S., the Prime membership fee increase in 1H:18, and outsized growth from AWS and advertising, which we believe will drive further operating margin expansion in 2019 despite the company’s intentions to ramp up investments throughout the year. Amazon is well-positioned as the leader in two large/fast growing markets (retail and cloud), and we believe the company’s advertising business, which is still in the early stages, will continue to benefit as more businesses shift ad budgets Amazon’s way given its dominance in product search. Our price target remains $2,300.”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 21.9% and a 70.6% success rate. Devitt covers the Technology sector, focusing on stocks such as Paypal Holdings, Eventbrite Inc, and Alphabet Inc.
Amazon.com, Inc. has an analyst consensus of Strong Buy, with a price target consensus of $2124.28, implying a 12.6% upside from current levels. In a report issued on April 8, Piper Jaffray also reiterated a Buy rating on the stock with a $2070 price target.
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Based on Amazon.com, Inc.’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $72.38 billion and net profit of $3.03 billion. In comparison, last year the company earned revenue of $51.04 billion and had a net profit of $1.63 billion.
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