Amazon Stock Is Not on Sale for Cyber Week

Amazon.com, Inc. shares have soared nearly 60% since the beginning of the year, and many analysts are bullish on the stock moving into 2018. Goldman Sachs recently reiterated its Buy rating and raised its price target to $1,450.00, while other analysts are encouraging Amazon to reach further into non-ecommerce markets. For instance, Cowen & Co. analysts recommended that Amazon buy Rite Aid Corporation to accelerate its move into the pharmacy business.

At the same time, Amazon continues to post impressive financial results. Third quarter revenue rose 33.7% to $43.74 billion – beating consensus estimates by $1.6 billion – and net income of 52 cents per share beat consensus estimates by 49 cents per share. Strong holiday sales during “Cyber Week” could further bolster Amazon’s financial results in the fourth quarter and ultimately improve its prospects moving into next year. (For more, see: Amazon Should Buy Rite Aid: Cowen.)

 

Amazon shares have rallied nearly 60% this year, but the stock appears increasingly overbought on a technical level. …read more

Read more here: Amazon Stock Is Not on Sale for Cyber Week

Category: AMZN, RAD

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