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Investing.com — Amazon.com Inc (NASDAQ:AMZN) shares have climbed 2.44% Tuesday following positive commentary from Morgan Stanley and BofA analysts.
Brian Nowak, an analyst at Morgan Stanley, raised his price target on Amazon shares to $4,200 from $4,000, keeping an overweight rating.
The analyst told investors in a client note that “better visibility into AMZN’s estimated ~$19bn spent on engineers per year (excluding AWS) and emerging, “other bets” projects” will help investors better understand the health of the core retail business.
Meanwhile, BofA reiterated a buy rating and $4,450 price target on the stock, naming the company the “top 2022 FANG stock”.
Analyst Justin Post told investors in a note on Monday that they expect several headwinds to ease for Amazon, and they have an outlook for “strong growth and margin expansion in 2023-2025 following a massive infrastructure investment cycle.”
Amazon has the backing of Wall Street analysts, with 30 surveyed by TipRanks assigning the stock a buy rating. The average price target is $4,144.17.
