What Are the Best Stocks to Buy for 2024? 1 Wall Street Analyst Thinks Amazon Tops the List -- and He's Not Alone
It's nearly impossible to keep up with Wall Street's endless cycle of upgrades and downgrades. Trying to pinpoint where the stock price will end up over the course of a year is a crapshoot at best. The real value comes from the commentary, which can sometimes give insight into analysts' reasoning. Such is the case here.
Citi analyst Ronald Josey maintained his buy rating on Amazon (NASDAQ: AMZN) stock, calling it a "Top Pick" for 2024 while raising his price target to $210. That represents potential gains for investors of 37% compared to Tuesday's closing price, even though the stock has already surged 83% higher so far this year.
The analyst noted that online advertising and e-commerce have gained momentum over the past few months, and he believes that will continue. Josey also suggests that the focus on cost-cutting and optimization -- which have weighed on Amazon's cloud results over the past couple of years -- is essentially over.
Source Fool.com
