As reported by CNBC, Macquarie has revised up its price target for Amazon.com Inc (AMZN) to $1,130 from $1,060 previously. The firm has also maintained an “Outperform” rating of the stock.
Amazon shares closed higher for the sixth time in the past seven trading sessions on Monday. It has also been the steepest daily gain since July 18th. The stock went up 1.29% ($13.28) to $1,038.95, after touching an intraday high at $1,042.97 and also a fresh all-time high. In the week ended on July 23rd the shares of the e-commerce giant added 2.38% to their market value compared to a week ago, which marked a third consecutive period of gains and also the best performance since the week ended on May 28th. The stock has extended its advance to 7.33% so far during the current month, following a 2.68% slump in June. The latter has been the first monthly retreat since last December. For the entire past year, Amazon shares rose 10.95%.
“Amazon will be the most valuable company on the planet one day”, Macquarie analyst Benjamin Schachter said in a note, cited by Seeking Alpha.
According to Schachter, the Amazon Web Services cloud platform could retain its positions against Microsofts Azure.
He also expects solid revenue growth by Amazon during the second quarter and investment-pressured margins in a short-term.
According to CNN Money, the 35 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,100.00, with a high estimate of $1,300.00 and a low estimate of $975.00. The median estimate is a 5.88% surge compared to the closing price of $1,038.95 on July 24th.
The same media also reported that 33 out of 42 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 5 – as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Amazon stock are presented as follows:
R1 – $1,040.38
R2 – $1,041.81
R3 (Range Resistance – Sell) – $1,043.23
R4 (Long Breakout) – $1,047.52
R5 (Breakout Target 1) – $1,052.52
R6 (Breakout Target 2) – $1,054.70
S1 – $1,037.52
S2 – $1,036.09
S3 (Range Support – Buy) – $1,034.67
S4 (Short Breakout) – $1,030.38
S5 (Breakout Target 1) – $1,025.38
S6 (Breakout Target 2) – $1,023.20
By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:
Central Pivot Point – $1,021.48
R1 – $1,039.16
R2 – $1,052.64
R3 – $1,070.32
R4 – $1,087.99
S1 – $1,008.00
S2 – $990.32
S3 – $976.84
S4 – $963.35