From Investor’s Business Daily: 2024-04-12 08:53:00

In 2024, Amazon (AMZN) started strong with soaring stock prices after a successful fourth-quarter earnings report. With a market cap exceeding $1.9 trillion, Amazon faces competition from Walmart (WMT), Target (TGT), and Microsoft (MSFT) in retail and cloud computing. Shareholders are optimistic, with 95% of analysts holding a buy rating.

Amazon stock reached a record high close of $189.05, fully rebounding from a 2022 sell-off. Analysts predict further gains, with a 25% increase since the start of the year. The company reported better-than-expected earnings in the fourth quarter and analysts set a 12-month price target of $210.

Amazon CEO Andy Jassy highlighted the company’s focus on generative artificial intelligence in an annual letter to shareholders. Investment in AI startups like Anthropic aims to enhance AWS cloud services. Amazon is competing with Microsoft and Google in the rapidly growing AI market, positioning itself as a leading cloud-computing provider.

Amazon expands its pharmacy services, offering same-day delivery in select cities. The company acquired online pharmacy PillPack in 2018 to bolster its health care initiatives. Competitors like Target and Walmart are launching programs to challenge Amazon Prime’s dominance in the U.S. online retail market. Wall Street remains bullish on Amazon’s prospects following its fourth-quarter earnings report.



Read more at Investor’s Business Daily: Is Amazon Stock A Buy As AMZN Hits New Record High?