Amazon stock (NASDAQ: AMZN) receives a ‘market outperform’ rating from global investment bank Citizens JMP. AMZN opened Wednesday’s trading session at $259 and has mostly remained on the back foot this month. The e-commerce giant is available at a discount, according to Wall Street analysts, and urged traders to make the most out of the low trading price.
Wall Street sentiment has mostly been shifting against the Magnificent 7 due to their larger-than-life AI capex. The investments in AI have surpassed the $150 billion mark, which is the primary reason for traders’ concern. Despite the larger-than-life capital spending, the Citizens JMP analysts are bullish on Amazon stock and have a target that could bring in double-digit profits.
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Citizens JMP Amazon Stock Price Target (AMZN)
Analysts at Citizen JMP predict that Amazon stock could reach a high of $315 next, and outperform market expectations. According to the price prediction, AMZN could surge by another 22% and generate double-digit returns to traders. Therefore, an investment of $1,000 could turn into $1,200+ if the price prediction turns out to be accurate.
The bullishness comes after Amazon secured deals in Nevada for a 700 megawatt (MW) clean energy project. This includes their first-ever direct investment in geothermal power, which is a 100 MW project through Zanskar. The company is investing heavily in infrastructure that can supply relentless power and save costs in the future. Amazon stock stands to gain from the ordeal that can take it to new heights this decade.
Wall Street is confident that Amazon stock could climb above the $300 mark in the next earnings call. This makes AMZN a must-watch equity as institutional funds remain bullish on its catalyst. Buying the dips on AMZN and holding on for the next five to 10 years could make traders reap in the rewards.