Benchmark analyst Daniel Kurnos reiterated a "Buy" rating and a $260 price target for Amazon (AMZN) ahead of its Q3 earnings report on October 30th, labeling the stock a "must add" despite its underperformance among the Magnificent Seven. Kurnos anticipates a significant catalyst from Amazon Web Services (AWS) reaccelerating to 20% year-over-year growth, surpassing Wall Street's 18.5% projection, alongside improving operating margins and strong advertising segment performance. This bullish outlook suggests a potential turnaround for AMZN, which holds a consensus "Strong Buy" rating from Wall Street with an average price target implying 22.92% upside.
Benchmark analyst Daniel Kurnos has issued a highly bullish "Buy" rating and a $260 price target for Amazon (AMZN), representing 19% upside, ahead of its Q3 earnings report on October 30th. Despite AMZN's recent underperformance relative to other Magnificent Seven stocks, Kurnos views it as a "must add" to portfolios, anticipating a significant turnaround. The primary catalyst for this optimistic outlook is the expected reacceleration of Amazon Web Services (AWS) growth. Kurnos projects AWS to achieve 20% or more year-over-year growth, surpassing the consensus Wall Street estimate of 18.5%. Additional drivers include improving operating margins and robust performance in the company's advertising segment. This strong conviction is echoed across Wall Street, with AMZN holding a consensus "Strong Buy" rating from 42 analysts. The average price target of $267.95 implies a 22.92% upside from current levels, reinforcing the potential for significant appreciation if Q3 results meet or exceed these high expectations.
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extremely positive
Sentiment Score
0.90
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