Amazon Stock Hits New High as Analyst Raises Price Forecast to $355
Amazon's stock continued its upward trend on Monday, gaining more than 5% as risk appetite improves across growth and consumer names. The Nasdaq and S&P 500 also saw gains of 1.36% and 1.17%, respectively. Amazon's strong performance was partly driven by the Consumer Discretionary sector's 1.92% increase.
BNP Paribas analyst Nick Jones remains bullish on Amazon, raising his price forecast to $355 from $345 after the company delivered stronger-than-expected second-quarter results and continued AWS momentum. He maintained an Outperform rating on Amazon, citing 51% upside from its July 30 price of $235.50.
Jones highlighted Amazon's beat of expectations on both revenue and operating income, as well as guidance that looked stronger than consensus after excluding the Prime Day timing shift. The analyst also noted AWS backlog growth of about 36% sequentially and more than 150% year over year to $496 billion.