From Nasdaq: 2024-04-29 10:30:00

Amazon is set to release first-quarter 2024 results after market close on Apr 30. The online retail giant has outperformed the industry, rising 4.5% over the past three months. With a positive earnings ESP of +7.51% and a Zacks Rank #2, Amazon is expected to beat estimates. Analysts anticipate significant year-over-year earnings and revenue growth.

Investors looking to capitalize on Amazon’s potential can consider ETFs with a substantial allocation to the company, such as ProShares Online Retail ETF (ONLN) and Fidelity MSCI Consumer Discretionary Index ETF (FDIS). Amazon’s solid growth prospects are fueled by its various business segments, including cloud services and generative AI. Incoming CEO Andy Jassy sees AI as a key growth driver, alongside cost cuts and cloud computing demand.

Amazon’s stock has seen an all-time high recently and has been added to the Dow Jones Industrial Average. The company’s transition to generative AI and focus on innovation highlight its commitment to future growth. Legal hurdles may arise, but AI has the potential to transform multiple industries. Analysts have given Amazon an average price target of $208.86 and a strong buy recommendation for the stock.



Read more at Nasdaq: Why Should You Buy Amazon ETFs Ahead of Q1 Earnings?