After
Amazon.
com touted its largest Cyber Week ever, one bull is feeling even more upbeat about the e-commerce giant.
Earlier this week, Amazon said its extended Black Friday and Cyber Monday holiday shopping event—which ran Nov. 17 through Nov. 27—was “its biggest ever,” adding that globally, customers purchased more than one billion items.
On Friday, Oppenheimer analysts led by Jason Helfstein maintained their Outperform rating, but lifted their price target to $200 from $170. Amazon stock was trading 0.2% lower to $145.80 on Friday.
Oppenheimer said Amazon remains the firm’s top large-cap stock pick for 2024, citing “higher E-commerce margins and increased AWS [Amazon Web Services] multiple.” And they’re not the only Wall Street team feeling optimistic about Amazon—98% of analysts surveyed by FactSet rate shares at Buy.
This year, shares of the e-commerce behemoth have soared 74%, on track for their best year since 2020, when they gained 76%, according to Dow Jones Market Data.
Write to Emily Dattilo at [email protected]
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