Amazon Stock Hits 2-Year Highs After Earnings

The company will continue the accelerated growth of its cloud business

Deputy Editor
Feb 2, 2024 at 11:07 AM
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Amazon.com Inc (NASDAQ:AMZN) stock is gapping to two-year highs today, after the Big Tech giant's strong fourth-quarter results. A record-breaking holiday shopping season boosted profits in the last quarter, with help from generative artificial intelligence (AI) features in its cloud and e-commerce businesses, which the company hopes to continue to grow in 2024. 

Amazon stock hit $171.31 at its peak today, last seen up 7% at $170.41. Should these gains hold, it will be the stock's best day since its 8.3% post-earnings jump in August 2023, though its 6.8% rise after earnings in October comes close. Headed for its fourth-straight weekly win, AMZN is up 50.7% over the past year. 

No fewer than 20 analysts lifted their price targets in response to today's events, with the highest from Mizuho to $230 from $220. No upgrades so far, but the majority of analysts are already bullish, with 34 of the 40 in coverage carrying a "buy" or better rating.

Unsurprisingly, options traders are chiming in as well. So far, 517,000 calls and 253,000 puts have been exchanged, which is five times the overall volume typically seen at this point. Expiring today, the weekly 2/2 170-strike and 172.50-strike calls are the most popular, with new positions opening at the latter. 

 

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