Amazon shares: Financial experts remain optimistic for 2024 - buy recommendation and price targets

Amazon shares: Financial experts remain optimistic for 2024 - buy recommendation and price targets

According to a report by www.deraktionaer.de,

Amazon stock has performed impressively over the past year, nearly doubling in value. Analysts remain optimistic and see a lot of potential in the company. Canadian bank RBC even placed Amazon on its “Top 30 Global Ideas” list for the first quarter of 2024, with a fundamental rating of “Outperform” and a price target of $180.

In addition, the US bank JPMorgan has left its rating for Amazon at “Overweight” with a price target of $190. Analysts expect that company-specific aspects will come into greater focus in 2024, which will further benefit price development.

From a chart perspective, Amazon shares must overcome the all-time high of $188.65 set in 2021 in the current year in order to generate a new buy signal. The 38-day line serves as support for the stock.

For the SHAREHOLDER, Amazon shares remain a clear buy. Investors who have already invested are encouraged to let their profits continue to run. Since AKTIONÄR's recommendation almost a year ago, the stock is already up 56 percent. A stop at 100 euros secures the position on the downside.

Given these developments and the positive analyst assessments, Amazon shares are expected to continue to perform strongly. The company's continued expansion, particularly in the areas of cloud business and artificial intelligence, as well as the continued economies of scale should further support the growth and attractiveness of the stock.