Amazon Stock Hits Record High on Prime Day

AMZN stock is headed toward its eighth straight win

Jul 16, 2018 at 10:26 AM
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It's another record-setting session for Amazon.com, Inc. (NASDAQ:AMZN), with the shares up 0.5% at $1,813.03 -- fresh off an all-time high of $1,822.60. The technical milestone coincides with the kick off Amazon Prime Day, and may have potentially been sparked by another round of bullish brokerage attention.

While Loop Capital reiterated its $1,900 price target on AMZN stock, saying Prime Day helps drive revenue at a "relatively seasonally slow time of the year," Credit Suisse raised its Amazon price target to $2,000 from $1,950. Plus, Telsey Advisory said it expects Prime Day sales will grow 50% year-over-year to $3.5 billion -- thanks in part to this year's inclusion of Whole Foods discounts.

This marks the third straight session that Amazon has hit a record high in intraday trading -- and puts the FAANG stock on track for an eighth straight win -- and analysts have been scrambling to catch up. And while all but one of the 32 brokerages covering AMZN maintain a "buy" rating, the average 12-month price target of $1,863.23 is a 2.1% premium to current levels.

And even with Amazon stock up 56% year-to-date, there could be more fuel left in the tank. Not only has AMZN been one of the best stocks to own in July over the last 10 years, but the company is slated to report earnings after the market closes next Thursday, July 26. The stock has closed higher in the session subsequent to reporting in each of the past three quarters, averaging a one-day gain 6.7%.

 


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