Leading retail giant Amazon is heading towards its biggest sale period of the year, which includes Thanksgiving, Black Friday, Christmas, and the New Year’s season. All eyes are on AMZN as the holiday season kicks off, leading to an increase in jobs, sales, and revenues. Amazon stock is poised to benefit from the year-end spending spree that could drive prices higher.
Amazon’s stock has received fresh endorsements from two Wall Street financial giants, BMO Capital and BNP Paribas Exane. The firms upgraded their price predictions for AMZN and issued a ‘buy’ call for clients. The Jeff Bezos-owned company has seen its share price surge by 2.75% year-to-date. It is currently trading within the $226 price range, and the new target is expected to generate good returns.
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New Price Target For Amazon Stock (AMZN)
- BMO Capital’s Amazon Stock Price Target: $300
Brian Pitz, BMO Capital’s Managing Director, wrote in a note to clients that Amazon stock could ‘outperform’ market expectations. The firm revised the price target for AMZN after a holiday spending survey with 1,000 US respondents. The survey states that 94% of the respondents are planning to shop on the platform. The company’s wide range of network and fast delivery makes it the preferred choice for holiday splurges.
If BMO Capital’s price target of $300 turns out to be accurate, it would be a 33% increase in value. Therefore, an investment of $1,000 in AMZN could turn into $1,330.
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2. BNP Paribas Exane’s Amazon Stock Price Target: $320
Analysts from BNP Paribas Exane also cited that Amazon stock could outperform market expectations. The firm emphasized the company’s dominance during the holiday season, which will be the catalyst to accelerate its growth. The firm remains bullish on AMZN, predicting a 42% increase in value. An investment of $1,000 could turn into $1,420 if the forecast turns out to be accurate.