Amazon Stock Price Target Upgraded to $350 by Citi Analyst

Wall Street analysts remain bullish on Amazon (AMZN) stock, with many upgrading their price targets in recent weeks. On August 3, Citi analyst Ronald Josey reiterated his 'Buy' rating and increased his 12-month forecast to $350 from a previous target of $325.

This follows a trend of positive revisions among analysts, including Roth MKM's Rohit Kulkarni, who raised his price target for Amazon stock to $325 from $300. The upgrades come after the company's late July earnings report provided a catalyst for both the equity and institutional price target increases.

As of August 3, AMZN shares are rated 'Strong Buy' on Wall Street, with 39 positive recommendations and no 'Sell' ratings. According to TipRanks data, analysts predict Amazon stock will rally 22.63% to $333.03 within the next 12 months.

The company's recent quarterly earnings have also boosted investor confidence, with AMZN shares soaring 15.32% in a single day following the report. The equity has since recovered from losses incurred since May and is now up 19.90% year-to-date (YTD).