Amazon (NASDAQ: AMZN) Can’t Go Without Creating a New All-Time High Every Couple of Days – A New High Has Been Created Today

Amazon (NASDAQ:AMZN) shares just can't resist creating new all-time highs. After a about 8 percent run yesterday, the stock is upwardly another 1.07 percent or $34.17 in the pre-market session today, as of 09:03 a.one thousand. ET. This corresponds to a current share price of $3,231.01, comfortably exceeding the previous record of $three,200 created on the 10th of July.

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So, what has spurred this renewed euphoria? Well, Amazon received a street-high stock price target of $3,800 on Monday from two Wall Street heavyweights – Goldman Sachs (NYSE:GS) and Jeffries. The matching nature of these prognostications has merely served to raise the probability of Amazon attaining the designated lofty stock price target, thereby, boosting investor euphoria.

For its part, Jeffries moved its needle on Amazon shares from $3,100 to $3,800, corresponding to an upside potential of 17.61 percent relative to the current price level. Jeffries analyst Brent Thill cited the optimism around the eastward-commerce behemothic's Q2 and Q3 earnings as a major contributing factor for the upgrade. The analyst has raised revenue projections for Amazon above consensus expectations as his industry sources and a multitude of information points insinuate to consistent outperformance "through June and into July".

Similarly, Goldman Sachs analyst Heath Terry raised Amazon's stock price target from $3,000 to $3,800 while maintaining a 'Conviction Purchase' rating for the shares. Due to an acceleration in e-commerce growth in North America, Terry raised his 2020-2022 revenue estimates for Amazon by an average of iii per centum but kept the EBITDA estimates for the period unchanged, on average, due to the expectations for a greater cash outlay related to the ongoing coronavirus (COVID-19) pandemic. Moreover, co-ordinate to the analyst, infrastructure-related spending will also act as a dampener on Amazon'southward EBITDA equally the e-commerce behemothic tries to go on pace with a boom in online sales as well equally the AWS segment.

Amazon is expected to disclose its Q2 2020 earnings on the 30th of July. The consensus revenue estimate is currently pegged at $80.half dozen billion. Similarly, the consensus EPS expectations currently phone call for $1.60 in earnings per share.

Carry in mind that it was just a few days ago that Amazon crossed the $3,000 mark for the outset time ever. Wall Street analysts, on the whole, take been perennially bullish throughout the ongoing pandemic stage. This makes intuitive sense as the contempo trends favoring online shopping and delivery are likely to persist even beyond the pandemic due to the added convenience for the consumers. Moreover, subscriptions for the Amazon Web Service are inherently glutinous, allowing analysts to continue to expect good for you growth in the company's top-line metric. During the zenith of the pandemic-induced lockdowns, Amazon was forced to heighten its e-commerce infrastructure to cope with a deluge of orders. Given the persistent need to maintain social distancing, the company is expected to continue to do good from the growth in this segment.

Amazon shares accept been faithfully traversing an upward trajectory lately, where each incremental acme seems to provide the footing for the next one. Yr to date, the stock is upwards by a whopping 70.23 percent. This is all the more hitting given that the broader S&P 500 index turned positive for the twelvemonth but recently.

Source: https://wccftech.com/amazon-nasdaq-amzn-cant-go-without-creating-a-new-all-time-high-every-couple-of-days-a-new-high-has-been-created-today/

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