Up Over 80%, Is Amazon Stock a Buy for 2024?
Stock market declines plagued 2022, with numerous companies suffering losses as they faced macroeconomic headwinds. Despite its leading market share in multiple industries, Amazon's (NASDAQ: AMZN) stock was not left unscathed, falling 50% over the 12 months.
However, the company has made an impressive comeback in 2023. Shares of Amazon skyrocketed about 83% year to date as solid growth in its e-commerce earnings and a rapidly expanding position in artificial intelligence (AI) has made Wall Street bullish again.
Amazon's meteoric rise might suggest the company won't have much more to offer in the new year. However, despite the bull run, the stock remains down 18% from its high in 2021. Meanwhile, various cost-cutting moves have bolstered the company's profitability, and dominating roles in two lucrative markets suggest it is nowhere near hitting its ceiling.
Source Fool.com
