What happened
Actions of Amazon (NASDAQ: AMZN) it jumped on Monday, rising as much as 6.1%. As of 12:41 pm EDT today, the stock rose 5.6%.
The profit was fueled by decisions by several analysts to increase their 12-month price targets for stocks ahead of the company’s second-quarter earnings report this month.
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And that
MKM Partners analyst Rohit Kulkarni reiterated its Amazon stock purchase rating and raised its target price from $ 2,525 to $ 3,350. The analyst recommends that investors add stocks to any pullback.
Jefferies Analyst Brent Thill also maintained a buy rating. But it set a target price of $ 3,800, above a previous target of $ 3,100. He believes the company experienced strong growth in the second quarter and has continued to see strong front-line performance in July.
AND Goldman Sachs analyst Heath Terry raised his price target from $ 3,000 to $ 3,800, maintaining a “buy by conviction” rating on the e-commerce giant. The higher price target for the stock reflects its improved outlook for Amazon’s online retail and cloud computing segments.
Now what
Investors will have a better idea of whether these analysts’ optimistic outlook for Amazon’s business is on par with reality when the company reports its second-quarter results. The e-commerce specialist plans to release its latest quarterly report after the market closes on July 30.
