Josh Brown Buys More Amazon As He Sees Stock Headed Toward $200
Portfolio Pulse from Adam Eckert
Josh Brown of Ritholtz Wealth Management has increased his stake in Amazon.com Inc (NASDAQ:AMZN), predicting the stock will head back towards all-time highs. Brown cites Amazon's growing role in AI, the compounding gross profit at a 20% CAGR since Q3 2020, and the increasing contribution of Amazon Web Services to total revenues (17% as of last quarter) as reasons for his optimism. He also notes that Amazon's stock is cheaper than it has been for most of the last three years and its fundamentals are improving.
September 19, 2023 | 8:47 pm
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POSITIVE IMPACT
Josh Brown's increased stake and positive outlook on Amazon could potentially influence other investors and drive the stock price up in the short term.
Josh Brown's positive outlook on Amazon, based on its role in AI, compounding gross profit, and the growing contribution of AWS to revenues, could influence other investors. This, combined with the fact that the stock is currently cheaper than it has been for most of the last three years, could drive the stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100