From Nasdaq: 2024-07-29 17:42:00

Amazon is set to release its Q2 earnings on August 1, with expectations for strong growth driven by e-commerce and cloud services. Analysts project a 10% increase in sales to $148.63 billion, with EPS expected to jump 63% to $1.03. Amazon has beaten earnings expectations for six consecutive quarters.

Despite its impressive growth, Amazon’s stock now offers a more reasonable valuation, trading at a forward P/E multiple of 39.7X, a significant discount from its five-year high. Year-to-date, the stock is up +20%, outperforming most of its tech peers. With the potential to exceed Q2 earnings estimates, Amazon is primed for further upside.

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Read more at Nasdaq: Time to Buy Stock in Amazon as Q2 Earnings Approach