Thanks to a devastating broad market pullback, Amazon (AMZN) gapped from about $187 to a recent low of $160.55. However, it appears the drop is overdone, with the stock now excessively over-extended on RSI, MACD and Williams’ %R. The last time we saw such extremes on AMZN was in late 2022 before it rallied from about $86 to a high of $108.78.
Also, from its last traded price of $167.90, we’re looking for the stock to jump back into the strong uptrend it’s been in since the start of 2023. Other analysts are just as confident in upside, including Maxim, which just raised its price target to $251 from $238.
Roth MKM also raised its price target to $215 from $210.
“The analyst from Roth/MKM highlighted Amazon Web Services (AWS) as a continuing strong point for the company. The firm’s estimates for Amazon have increased, and the analyst expressed surprise at the discrepancy between their projections and the higher figures expected by others for the second half of 2024,” as noted by Investing.com.