Amazon Stock Gets a New Buy Rating. Why It Is a "Best Idea."

Dow Jones2023-08-23

From cloud computing to streaming, Amazon.com has a bunch of businesses under its umbrella. But don’t lose sight of its core one: e-commerce.

Wedbush added Amazon to its Best Ideas List.

That’s what Wedbush analysts say in a note on Monday that launched coverage of the company with a bullish rating. They called Amazon (ticker: AMZN) the global leader in retail.

Analysts Michael Pachter and Seth Basham began their analysis of Amazon with the equivalent of a Buy rating and a $180 price target. That implies a 34% upside from the stock’s closing price of $134.68 on Monday.

The analysts also added Amazon to Wedbush’s Best Ideas List. The future of Amazon’s core retail business is what Wedbush analysts are optimistic about.

“Amazon’s core business is now well positioned with an industry-leading
fulfillment infrastructure that is delivering 4x as many same-day or next-orders in the U.S. versus 2019 against an improving backdrop for eCommerce as the secular shift online resumes,” the analysts wrote.

Much of Amazon’s sales come from its retail business. Of the $134.4 billion in total revenue reported in the second quarter, $53 billion came from online store sales and $32.3 billion came from third-party seller services.

Amazon reported second-quarter earnings on Aug. 3. Investors were pleased with results from another part of the company: Amazon’s Web Services business, which brought in stronger-than-expected revenue.

Shares of Amazon were little changed in Tuesday trading after the Wedbush call. The stock has surged 60% in 2023.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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