Amazon shares touch a fresh all-time high on Thursday, Canaccord raises price target on the stock to $2 000

Canaccord Genuity was reported to have raised its price target on Amazon from $1 800 to $2 000, citing strong fundamentals. The new price target would bolster Amazons market value to $970.5 billion.

Amazon shares closed higher for a sixth consecutive trading session on NASDAQ on Thursday. It has also been the sharpest daily surge since June 28th. The stock went up 2.37% ($41.62) to $1,796.62, after touching an intraday high at $1,798.00 and also a fresh all-time high.

Shares of Amazon.com Inc have surged 53.63% so far in 2018 compared with a 4.66% gain for the underlying index, S&P 500 (SPX).

In 2017, Amazon’s stock soared 55.96%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

“Amazons rapidly growing scale of investment is strengthening long-term competitive barriers, and this includes a robust outlook for Prime subscription growth”, Canaccord analysts Michael Graham and Austin Moldow wrote in a client note, cited by CNBC.

“We think fundamentals remain as strong as ever as e-commerce business continues to grow nearly 30% ex-Whole Foods, and AWS [cloud business] remains the market leader, accelerating growth to almost 50% last quarter”, Graham and Moldow also pointed out.

“We think our revenue estimate of 38 percent could end up being conservative. This would be a 4.5 point sequential deceleration after five quarters of acceleration”, the analysts noted.

The company is expected to report its quarterly results on July 26th.

According to CNN Money, the 42 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,887.50, with a high estimate of $2,200.00 and a low estimate of $1,700.00. The median estimate represents a 5.06% upside compared to the closing price of $1,796.62 on July 12th.

The same media also reported that 40 out of 47 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 2 – 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 – $1,799.90
R2 – $1,803.19
R3 (Range Resistance – Sell) – $1,806.47
R4 (Long Breakout) – $1,816.32
R5 (Breakout Target 1) – $1,827.83
R6 (Breakout Target 2) – $1,833.14

S1 – $1,793.34
S2 – $1,790.05
S3 (Range Support – Buy) – $1,786.77
S4 (Short Breakout) – $1,776.92
S5 (Breakout Target 1) – $1,765.41
S6 (Breakout Target 2) – $1,760.10

By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:

Central Pivot Point – $1,704.56
R1 – $1,731.07
R2 – $1,751.50
R3 – $1,778.01
R4 – $1,804.51

S1 – $1,684.13
S2 – $1,657.62
S3 – $1,637.19
S4 – $1,616.75