With back to school season nearing, and the holiday season just a few months away, keep an eye on Amazon.com (AMZN).
Even after gapping from $120 to $139.52, the stock could see higher highs. In fact, we’d like to see it challenge $160 again, near-term. Analysts at R5 Capital appear to be just as bullish, saying the stock is a “must have,” according to Barron’s.
“Amazon, in our opinion, once again proved how unique its business model is and why investors need to own the equity,” said the firm.
Earnings have been just as impressive.
In its most recent quarter, the company said sales were up 7% to $121.2 billion, which was better that Street forecasts for $119.3 billion. It was also well above the company’s own forecast range of $116 billion to $121 billion. “Amazon put up exactly the quarter bulls were looking for,” RBC analyst Brad Erickson wrote in a research note, repeating an Outperform rating on the stock and raising his target for the price to $175, from $144,” added Barron’s.
Analysts at Stifel also reiterated a buy rating on the AMZN stock, with a price target of $200.