From Nasdaq:

Amazon (NASDAQ: AMZN) has had an incredible 2023 with its stock soaring over 80%. With 43 analysts opting to buy and strong buy the stock, it seems like the majority are in favor of Amazon. Despite Wall Street’s estimate of less than 5% growth potential, some analysts like Bernstein’s Mark Shmulik and TD Cowen’s John Blackledge anticipate higher returns.

Amazon’s position in 2024 is claimable by their numerous bulls on Wall Street. They believe in the positive trajectory of the stock and the company has multiple factors working in its favor. These include a good U.S. economy, further growth in advertising revenue, and a focus on profitability.

Although some are concerned about Amazon’s valuation, there are many reasons why it is warranted. Amazon’s market dominance, allocation of finances for future growth, and significant growth prospects support the premium value. Plus, CEO Andy Jassy predicts a significant increase in global IT spending in the cloud over the next 10-15 years.

With the current valuation, Amazon looks to be a great pick for 2024 and beyond. Analysts at Motley Fool also believe so, listing Amazon as one of their top picks for investors to buy right now.



Read more: Should You Buy Amazon Stock in 2024?