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BMO Capital Lifts Amazon’s PT Ahead OF 2Q Earnings

BMO Capital analyst Daniel Salmon raised the price target on Amazon (AMZN) to $3,500 (15.4% upside potential) from $2,850, just ahead of its 2Q earnings release scheduled for today after the market bell. Salmon maintained a Buy rating on the stock.

The analyst said that the online retail giant is “stronger than ever” and its outperformance is expected to continue over the next 12 months. However, he is also somewhat “cautious” on the potential for significant new investment spending heading into today’s earnings report.

Like BMO, Wedbush analyst Michael Pachter lifted his price target to $3,500 from $3,050 on July 27 and kept a Buy rating on the stock. Pachter believes, “Covid-19 and the stay-at-home response for many consumers should result in substantial revenue upside in Q2, with the company’s burgeoning grocery business likely a key driver.”

He expects “many consumers to remain reticent to return to normal consumption patterns so long as the threat of infection is meaningful”.

Currently, the Street has an bullish outlook on AMZN stock. The Strong Buy analyst consensus is based on 36 Buys and 2 Holds. With shares up about 64% year-to-date, the average analyst price target of $3,242.66 implies another 6.9% upside potential over the coming year. (See AMZN stock analysis on TipRanks).

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Amit Singh
Amit Singh jumped into the world of stock analysis and investing after completing his Post Graduate Diploma in Finance in 2009. Before joining TipRanks in 2020, he worked as an equity research analyst for eight years. With a keen eye for identifying strategic investment opportunities, his work entails evaluating stocks, building financial models, writing company-specific research reports, and identifying the overall financial worth of companies in the consumer staples and technology sectors. In 2017, Amit found a way to combine his expertise in evaluating companies with his passion for writing. He has also worked with the financial research firm Market Realist.

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