BMO Capital Lifts Amazon’s PT Ahead OF 2Q Earnings

BMO Capital analyst Daniel Salmon raised the price target on Amazon (AMZN) to $3,500 (15.4% upside potential) from $2,850, just ahead of its 2Q earnings release scheduled for today after the market bell. Salmon maintained a Buy rating on the stock.

The analyst said that the online retail giant is “stronger than ever” and its outperformance is expected to continue over the next 12 months. However, he is also somewhat “cautious” on the potential for significant new investment spending heading into today’s earnings report.

Like BMO, Wedbush analyst Michael Pachter lifted his price target to $3,500 from $3,050 on July 27 and kept a Buy rating on the stock. Pachter believes, “Covid-19 and the stay-at-home response for many consumers should result in substantial revenue upside in Q2, with the company’s burgeoning grocery business likely a key driver.”

He expects “many consumers to remain reticent to return to normal consumption patterns so long as the threat of infection is meaningful”.

Currently, the Street has a bullish outlook on AMZN stock. The Strong Buy analyst consensus is based on 36 Buys and 2 Holds. With shares up about 64% year-to-date, the average analyst price target of $3,242.66 implies another 6.9% upside potential over the coming year. (See AMZN stock analysis on TipRanks).

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