Amazon stock is up 19% YTD, analysts bullish on future growth potential

From Nasdaq: 2024-04-03 10:18:07

In 2024, the performance of the “Magnificent 7” stocks has been mixed, with Apple and Tesla in the red while Amazon, Nvidia, Alphabet, and Meta Platforms continue to rally. Amazon stock is up almost 19% year-to-date and could reach new highs in 2024, with a mean target price of $202.49.

Analysts are bullish on Amazon, listing it as a top pick for 2024 with a consensus rating of “Strong Buy.” The company reported record profits in Q4, with a net profit of $10.6 billion and operating income of $13.2 billion. Amazon forecasts revenues between $138 billion and $143.5 billion for Q1.

Amazon’s strong free cash flows in 2023 and improving profitability signal bullish forecasts for the stock. Stable top-line growth, advertising revenue growth, generative AI, and emerging business areas are key drivers. The focus on efficiency and cost-cutting could lead to superior profitability and cash flows, supporting Amazon’s growth outlook.



Read more at Nasdaq: Up 19% YTD, How High Can Amazon Stock Go in 2024?