Amazon stock is considered a standout with its Twitch platform valued at $46 billion

From Nasdaq: 2024-07-24 11:02:37

The “Magnificent Seven” tech giants led the bull market, with an ETF tracking them soaring 48% in 52 weeks. Analysts see Amazon (AMZN) as a standout, with its Twitch platform labeled a $46 billion “hidden gem.” Laura Martin of Needham raised AMZN’s target price to $210, foreseeing significant growth potential. Amazon stock boasts a $1.9 trillion market cap and has seen impressive 43% gains over the past year, outpacing SPX returns. Amazon’s recent Q1 earnings outperformed expectations, with revenues climbing to $143.3 billion and adjusted EPS reaching $1.13. Prime Day 2024 was a record-breaking event for Amazon, driven by small and medium-sized businesses. The company is set to report Q2 results on August 1, with analysts projecting strong growth. Analysts anticipate Amazon stock reaching $226.77, signaling an upside potential of 21.6%. Twitch, acquired by Amazon in 2014 for $970 million, now generates $3 billion in revenue annually. Analyst Laura Martin believes Twitch is a valuable asset that could be spun off separately, highlighting its role in Amazon’s ecosystem and synergies with other services. Martin raised AMZN’s target price to $210, emphasizing Twitch’s growing influence and profitability.



Read more at Nasdaq: 1 ‘Magnificent 7’ Stock With a $46B Gem in Its Portfolio