Amazon Pops Higher After Announcing New TV App But Struggles To Negate This Trend: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Amazon.com, Inc (NASDAQ:AMZN) launched its Fire TV Channels app to compete with Netflix, Inc and Walt Disney Co. Despite this, the stock has been in a downtrend since August 4. S&P Global Ratings downgraded several U.S. banks, which may have affected Amazon's stock. Wedbush analyst Michael Pachter assumed an Outperform rating on Amazon and announced a price target of $180, suggesting a 32% upside for the stock. However, if Amazon continues to trend lower, it could signal increased volatility in the stock market.
August 22, 2023 | 3:48 pm
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NEUTRAL IMPACT
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CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Amazon's stock has been in a downtrend despite the launch of its Fire TV Channels app and an Outperform rating from Wedbush. The stock could continue to trend lower, signaling increased volatility in the stock market.
The launch of Amazon's Fire TV Channels app and an Outperform rating from Wedbush have not been able to reverse the downtrend in the stock. This could be due to the overall bearish action in the market and the downgrade of several U.S. banks by S&P Global Ratings. If the stock continues to trend lower, it could signal increased volatility in the stock market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100