Stifel Nicolaus analyst Scott Devitt maintained a Buy rating on Amazon.com Inc. (AMZN) today and set a price target of $2300. The company’s shares closed yesterday at $1973.82, close to its 52-week high of $2050.50.
Devitt observed:
“We support the company’s investments in faster shipping, AWS, advertising services and international, which we expect to persist over the next several quarters. We believe one-day shipping will allow Amazon to widen the convenience gap versus peers. We are increasing our FY:19 revenue forecast as we expect continued strength in Online Stores, and lowering our FY:19 operating margin forecast to reflect the company’s incremental investments in strategic areas. We remain $2,300 price target. above expectations driven by Online Stores sales growth. Amazon reported 2Q revenue growth of 21% y/y FX-adj. to $63.4B, modestly above our $63.0B estimate and near the high end of the guided range ($59.5-$63.5B).”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 22.5% and a 71.7% success rate. Devitt covers the Technology sector, focusing on stocks such as Jumia Technologies AG, Uber Technologies Inc, and Eventbrite Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Amazon.com Inc. with a $2307 average price target, a 16.9% upside from current levels. In a report issued on July 12, Monness also maintained a Buy rating on the stock with a $2300 price target.
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The company has a one-year high of $2050.50 and a one-year low of $1307. Currently, Amazon.com Inc. has an average volume of 3.88M.
Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock.
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