Amazon.com, Inc AMZN is receiving a flood of praise in the first week of 2024 with a chorus of analysts singing its praises and dubbing it a top pick for the year.
Outstanding Analyst Support: Five separate analyst firms crowned Amazon as their top choice for 2024 in just one day, according to CNBC.
Analyst Endorsement: Numerous renowned analyst firms have anointed Amazon as their primary bet for the upcoming year.
- The list includes Goldman Sachs, Wells Fargo, BofA, Citi, Evercore, Berstein, Roth MKM, Baird, RBC Capital, Telsey, Wedbush, Rosenblatt, Needham, Wolfe Research, Raymond James, Canaccord Genuity, Satori Fund, Piper Sandler and D.A. Davidson.
On CNBC’s “Squawk On The Street,” business and technology reporter Kate Rooney shared insights into the rationale behind the multitude of firms designating Amazon their top conviction play for 2024.
Analysts consistently lauded the re-energized growth of Amazon Web Services (AWS), fueled by amplified cloud spending and stabilized cloud revenue, stated Rooney.
Furthermore, analysts emphasized the underappreciated AI exposure of Amazon. They contended that Amazon is positioned to significantly influence the next AI commercialization phase, according to Rooney.
Additionally, several analysts highlighted Amazon’s operational efficiency, expected to bolster gross margins, as well as the advertising potential ahead, which could substantially contribute to top-line growth in 2024, Rooney disclosed.
Wedbush labeled Amazon the “everything stock” this week, while Satori Fund proposed that Amazon could act as a defensive play in portfolios, known for gaining market share during recessions.
AMZN Price Action: Amazon shares have surged by approximately 75% over the past year, currently trading down 2.15% at $145.28 on Thursday afternoon, according to Benzinga Pro.
Photo: Courtesy of Amazon.