Scotiabank recommends buying Amazon stock, predicting an 18.14% upside

From Nasdaq: 2024-10-12 08:01:00

Scotiabank initiated coverage of Amazon.com with a Sector Outperform recommendation on October 11, 2024. Analysts forecast an 18.14% upside with a one-year price target of $223.06/share. The projected annual revenue for Amazon.com is 658,399MM, and the non-GAAP EPS is 3.18. There are 6,847 funds reporting positions in Amazon.com, with a bullish put/call ratio of 0.88.

Top institutional shareholders include VTSMX, VFINX, Geode Capital Management, Price T Rowe Associates, and Jpmorgan Chase. These firms hold varying percentages of ownership in Amazon.com and have adjusted their portfolio allocations over the last quarter. Amazon.com is guided by customer obsession, innovation, operational excellence, and long-term thinking, which has led to the creation of various successful products and services.

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