Amazon (NASDAQ: AMZN), Palantir (NYSE: PLTR), Nvidia (NASDAQ: NVDA), AMD (NASDAQ: AMD), Intel (NASDAQ: INTC), and Airbnb (NASDAQ: ABNB) will highlight major trends impacting businesses in the first quarter of 2023. This video will discuss the key things to look for from each of t
On April 19, 2023 at 12:53:36 ET an unusually large $33,633.00K block of Put contracts in Amazon.com (AMZN) was bought, with a strike price of $150.00 / share, expiring in 58 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade w
On April 19, 2023 at 14:28:12 ET an unusually large $15,549.00K block of Put contracts in Amazon.com (AMZN) was bought, with a strike price of $190.00 / share, expiring in 58 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade w
On April 19, 2023 at 15:28:18 ET an unusually large
$38,272.50K block of Put contracts in Amazon.com
(AMZN) was sold,
with a strike price of $190.00 / share, expiring in 58 day(s) (on June 16, 2023).
Fintel tracks all large options trades, and the premium spe
Consumer stocks were mixed on late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 0.2%.
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Amazon.com Inc must face a proposed U.S. nationwide class action accusing the company of illegally monitoring private Facebook groups that delivery drivers used to discuss working conditions, a U.S. appeals court said on Wednesday.
The latest tally of analyst opinions from the major brokerage houses shows that among the components of the S&P 500 index, Amazon.com is now the #15 analyst pick, moving up by 1 spot.
Amazon (NASDAQ: AMZN) and Nvidia (NASDAQ: NVDA) have collaborated for over a decade. The semiconductor company is the primary supplier of graphics processing units (GPUs) for the cloud platform Amazon Web Services (AWS), with Nvidia's chips also powering robots used in Amazon war
Netflix NFLX reported first-quarter 2023 earnings of $2.88 per share, beating the Zacks Consensus Estimate by 1.77%. However, the figure slumped 18.4% year over year.Revenues of $8.16 billion increased 3.7% year over year but lagged the consensus mark by 0.25%. On a forei
Fintel reports that on April 19, 2023,
JMP Securities
reiterated
coverage of Amazon.com (NASDAQ:AMZN) with
a Market Outperform recommendation.
Analyst Price Forecast Suggests 33.18% Upside
After underperforming the broader markets significantly in 2022, shares of tech giant Amazon (
NASDAQ:AMZN
) have recovered some of the lost ground. AMZN stock gained about 22% year-to-date, outperforming the S&P 500 Index (
SPX
). While AMZN stock has appreciated, its
technical indicators suggest a Buy, implying further upside from current levels.
Per TipRanks’ technical analysis tool, AMZN’s 50-Day EMA (exponential moving average) is 98.63, while its price is $102.3, implying a Buy. Further, its shorter duration EMA (20 days) also signals a bullish trend.
While Amazon's stock has gained in value, its RSI (Relative Strength Index) of 57.36 still doesn’t signal an overbought condition. Based on Pivot Points, AMZN has the next resistance level at $108. It could also face resistance near $114, which happens to be the swing high. (See the graph below.)
What’s the Prediction for AMZN Stock?
Overall, AMZN is a Buy based on our easy-to-understand summary signals (which combine the moving averages and the technical indicators to provide a summarized signal).
Economic uncertainty, cost headwinds, higher interest rates, and a slowdown in its cloud business could continue to hurt its
financial performance in the short term. However, its market leadership in e-commerce and cloud computing will likely support its stock price. Further, the ongoing strength of its advertising unit is positive.
On Sunday, Mizuho Securities analyst
James Lee stated that he is bullish about AMZN stock and sees macro issues as short-term, not structural. Lee said, “Amazon remains a Buy in our universe, as we see potential EBITDA upside in 2024 from products such as advertising, expanding Prime products, and AWS up-sells.”
Including Lee, 35 analysts have recommended buying
AMZN stock. Meanwhile, one analyst has a Hold recommendation. Overall, AMZN has a Strong Buy consensus rating. Further, analysts’ average 12-month price target of $135.88 implies 32.83% upside potential.
Bottom Line
With bullish technical signals, a Strong Buy consensus rating, and an Outperform
Smart Score of nine, AMZN stock is more likely to beat the broader market averages. Meanwhile, the company's dominant positioning in the e-commerce space and the expected recovery in the cloud business are positives.
Disclosure
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Trading for $102 a share, Amazon (NASDAQ: AMZN) stock is down substantially from its all-time high of $186, reached in late 2021. Its shares tumbled amid rising interest rates and eroding margins in the e-commerce and cloud computing businesses. But these headwinds look temporary
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Consumer stocks were slightly higher late Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) rising 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.2%.