Amazon.com, the leading e-commerce giant, has recently celebrated its largest Cyber Week ever, prompting increased optimism from investors. During the extended Black Friday and Cyber Monday shopping event, which took place from November 17th to November 27th, customers globally purchased over one billion items. This remarkable achievement has garnered positive attention from experts and Wall Street analysts alike.
Analysts Bullish on Amazon
Oppenheimer analysts, led by Jason Helfstein, have maintained their Outperform rating on Amazon. Furthermore, they have raised their price target from $170 to $200. Despite a slight 0.2% dip in Amazon’s stock price to $145.80 on Friday, Oppenheimer views Amazon as their top large-cap stock pick for 2024. They attribute this positive outlook to the expected growth in E-commerce margins and the increasing value of Amazon Web Services (AWS). This sentiment is widely shared among Wall Street analysts, with a remarkable 98% of surveyed analysts rating Amazon’s shares as Buy according to FactSet.
Impressive Performance and Market Potential
In terms of performance, Amazon’s shares have surged by an impressive 74% this year, potentially making it their best year since 2020 when they gained 76%. This remarkable growth further solidifies Amazon’s position as a market leader and highlights its potential for continued success in the future.
Amazon’s outstanding performance during Cyber Week has not only delighted customers but also bolstered investor confidence. The increased optimism from experts and analysts, along with the record-breaking sales figures, showcases Amazon’s status as an industry powerhouse. With projections indicating a prosperous future for the e-commerce giant, it comes as no surprise that investors are eagerly betting on its continued success.