Amazon.com, Inc AMZN is commanding attention in the financial world as it emerges as a standout choice among analysts for the year 2024.
Persistent Praise: A notable surge of acclaim for Amazon occurred on Wednesday, with five distinct analyst firms designating it as their top pick for 2024, as reported by CNBC.
Analyst Consensus: A legion of esteemed firms have bestowed Amazon with the esteemed title of their prime selection for the upcoming year. This cohort includes a plethora of significant names such as Goldman Sachs, Wells Fargo, BofA, Citi, Evercore, Berstein, Roth MKM, Baird, RBC Capital, Telsey, Wedbush, Rosenblatt, Needham, Wolfe Research, Raymond James, Canaccord Genuity, Satori Fund, Piper Sandler, and D.A. Davidson.
On CNBC’s “Squawk On The Street,” CNBC business and technology reporter Kate Rooney insightfully expounded on the reasons behind the unanimous acclaim Amazon has garnered from the various analyst firms.
A primary driver of this resounding optimism was the resurgence in Amazon Web Services (AWS) growth fueled by augmented cloud expenditure and stabilized cloud revenue, as highlighted by Rooney. Another common sentiment prevailing amongst analysts was the underappreciated potential of Amazon’s involvement in the next phase of commercialized AI, with several analysts asserting Amazon’s prime positioning to influence this domain, as Rooney elucidated.
Furthermore, the consensus also amplifies Amazon’s operational efficiency, poised to ameliorate gross margins, and the promising advertising prospects, both of which are anticipated to significantly bolster top-line growth in 2024, revealed Rooney.
Emphasizing the all-encompassing strength of Amazon, Wedbush dubbed it the “everything stock” this week, while Satori Fund touted Amazon as a robust defensive component in portfolios due to its historical ability to reclaim market share during recessions.
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AMZN Price Action: Amazon’s shares have surged by approximately 75% over the last year. The stock was exhibiting a marginal decline of 2.15%, trading at $145.28 on Thursday afternoon, according to Benzinga Pro.
Photo: Courtesy of Amazon.
