Amazon should have a better 2023.
After a brutal pullback to less than $95 a share, it’s safe to say a lot of negativity has been priced into the stock. Plus, we have to consider that this $958 billion stock now trades at less than two times sales. The last time it traded anywhere near this level was back in 2015. Also, its cloud business is still growing at a 28% clip year over year.
Helping, JP Morgan analysts just said AMZN is one of its best ideas for the new year. The firm has an overweight rating on the stock, with a price target of $145. Amazon should benefit from “continued secular shift toward e-commerce and cloud growth,” they said, as quoted by Barron’s. “Amazon is the most diversified mega-cap across revenues and profit and has numerous large growth opportunities.”
AMZN last traded at $93.78 a share. From here, we’d like to see it test $100 again shortly.