
In an unstoppable ascent that’s caught every eye on Wall Street, Amazon’s stock is climbing the charts like a holiday season hit single, marking its seventh straight day in the green.
This spectacle has not been witnessed since the heady days of August 2022, with the e-commerce titan’s shares (ticker: AMZN) hitting a symphonic rise of 17% during this record-breaking performance.
Onlookers and investors are riveted as Amazon stock crescendos 1.2% higher to a stunning $140.28.
Should it maintain this grand finale, we’re looking at the most spectacular seven-day rally in over a year, as per the maestros at Dow Jones Market Data.
The crescendo began post-earnings announcement, with Amazon flexing its financial muscles and showcasing a robust third quarter, much to the delight of the financial audience.
UBS analyst Lloyd Walmsley has been orchestrating a wave of enthusiasm, boosting his price target for the stock to an ambitious $180 from a confident $178, all while maintaining a rousing “Buy” rating.
Behind the curtain of these rising stock ovations, however, lies a duo of worries that could transform Amazon’s symphony into a nail-biting suspense theme.
The cloud of concern hovers over Amazon Web Services (AWS), with CFO Brian Olsavsky cueing in on a tempo change as customers look to tighten their belts and reduce their spending in AWS.
But, not all notes are in minor keys; Amazon reassures that the growth melody will resume its uptempo beat.
Adding to the crescendo of concern is the upcoming holiday shopping sonata.
Olsavsky’s recent earnings call hinted at a more cautious consumer chorus, with shoppers keeping a keen eye on prices and opting for less extravagant spending.
With Amazon’s forecast for fourth-quarter revenue playing a softer tune than analysts’ expectations, there’s a bit of a suspenseful riff in the otherwise stellar composition.
Despite these dissonant chords, Wall Street’s confidence in Amazon remains unshaken, nearly unanimous in their belief that this is a stock that will continue to top the charts.
FactSet’s survey shows an overwhelming majority hitting the “Buy” button, tuning out the bearish noise.
Deutsche Bank’s analyst Lee Horowitz has joined the bullish bandwagon, seeing Amazon’s recent performance as just the prelude to an earnings growth symphony that will captivate the market heading into 2024.
With a price target harmony set at $175 and a “Buy” rating to match, Horowitz is conducting a bullish score for Amazon’s future.
As the market audience sits on the edge of their seats, will Amazon’s stock continue to hit high notes, or will the underlying concerns crescendo into a market fortissimo of uncertainty?
One thing is certain: the Amazon show is one that no investor wants to miss a note of!