Amazon Music HD Made Available to All Subscribers at No Extra Cost; Street Says Buy
Amazon (AMZN) Music has announced that Amazon Music HD, the company’s highest quality streaming audio, will now be available to all eligible Amazon Music Unlimited subscribers without any additional cost.
Amazon Music VP Steve Boom said, “When we first launched Amazon Music HD, our goal was to lead the industry by enabling music fans around the world to stream the best quality recording, the way artists intended their music to be heard.” (See Amazon stock analysis on TipRanks)
Boom added, “We are thrilled now to make Amazon Music HD available to everyone at no extra cost. All music fans should have access to this quality of music, and now they do!”
The music streaming service offers over 70 million songs in high definition audio, over 7 million songs in Ultra HD, and an ever-increasing catalog of 3D audio.
Yesterday, Morgan Stanley analyst Brian Nowak reiterated a Buy rating on the stock with a $4,500 price target (37.6% upside potential).
Nowak believes that AMZN holds promise. He predicted that the stock could rise to $5,000-$6,000 per share in the next year, if it were valued using a price-to-earnings multiple on GAAP earnings.
Based on 31 unanimous Buys, consensus among analysts is that Amazon is a Strong Buy. The average analyst price target of $4,298.55 implies 31.4% upside potential. Shares have gained about 34.8% over the past year.
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