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華爾街日報What's Going On With Amazon Stock Today?
Amazon.com Inc (NASDAQ:AMZN) shares are trading higher on Wednesday. The e-commerce company received upbeat analyst coverage and unveiled a major AI investment in India.
- Amazon.com stock is moving in positive territory. What’s pushing AMZN stock higher?
What To Know: Guggenheim analyst Simeon Siegel initiated coverage on Amazon with a Buy rating and a $300 price target on Wednesday, citing “continued dominance” in e-commerce.
The analyst also noted that Amazon Web Services’ “cash engine” is showing no signs of slowing down. The firm said it expects Amazon’s AI investments to re-ignite the next leg of growth for AWS.
The positive initiation coincided with Amazon's announcement of a sweeping $35 billion investment in India's artificial intelligence and cloud computing sector by 2030.
The company's commitment was disclosed at the Amazon Smbhav Summit in New Delhi, highlighting the company's strategy to make its presence felt in India's tech landscape even more. The investment builds on nearly $40 billion Amazon has already poured into the country and will focus on AI‑driven digitization, boosting exports and supporting job creation.
Despite the optimism, Amazon is also contending with legal and financial headwinds. The company agreed to pay 510 million euros ($582 million) to Italy's tax authority to settle a dispute, according to Reuters. In a rare twist, Milan prosecutors oppose the settlement and plan to continue their investigation.
AMZN Analyst Ratings
Analysts have maintained a bullish stance on Amazon as five recent actions indicate positive ratings. Key actions include the previously mentioned Guggenheim initiating coverage, with, Rosenblatt similarly maintaining its buy rating, setting a target of $305.00 on Dec. 4, indicating an optimistic outlook.
Moreover, Wedbush reiterated its outperform rating for Amazon on Dec. 3, with a target of $340.00, the highest among the recent ratings. On the same day, Citizens echoed this sentiment by maintaining a market outperform rating with a $300.00 target. Lastly, BofA Securities maintained its buy rating on Dec. 3 with a revised upward target of $303.00 from its prior $272.00, reflecting further optimism in Amazon’s future performance.
AMZN Price Action: Amazon.com shares were up 1.32% at $230.93 at the time of publication on Wednesday, according to Benzinga Pro.
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