Why Amazon.com Stock Jumped Today
Shares of Amazon.com (NASDAQ: AMZN) climbed as much as 3% early Thursday, according to data provided by S&P Global Market Intelligence -- though the e-commerce giant moderated its gains to close up around 0.3% as the broader market pulled back late in the day. The move followed multiple positive analyst notes ahead of the company's quarterly earnings next week, as well as Amazon's announcement of the limited launch of a new pharmacy drone-delivery service.
In a note to clients early Thursday, Oppenheimer analyst Jason Helfstein called Amazon a "top pick" going into 2024, citing its exposure to affluent customers, advertising opportunities, and opportunities for margin expansion.
Meanwhile, Wedbush analyst Scott Devitt reiterated his outperform rating and 12-month price target of $180 per share -- with shares trading around $129 as of this writing. He mused that the company is "broadly better-positioned than investors fear [with] catalysts ahead as retail margins continue to rise and [Amazon Web Services] growth accelerates against earnings comps."
Source Fool.com
