Amazon Stock Will Trade At $200 In 2024 As AI Accelerates Growth, Analyst Predicts
Portfolio Pulse from Adam Eckert
Evercore ISI analyst Mark Mahaney predicts that Amazon.com Inc (AMZN) stock will trade at $200 in 2024, driven by growth in AI applications in cloud computing, advertising, and retail. Mahaney suggests that the market has not fully recognized Amazon's AI potential, which he believes will lead to record operating margins and profit next year. Despite a recent uptick, he views the current stock price as a dislocated buying opportunity. Meanwhile, shares of Microsoft (MSFT) and Nvidia (NVDA) were bid up in 2023 due to their AI exposure.
November 21, 2023 | 7:39 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Amazon is expected to see accelerated growth and record profits in 2024 due to AI, with a predicted stock price of $200, presenting a current buying opportunity.
The positive outlook from Evercore ISI's analyst on Amazon's AI capabilities and its impact on future growth and profitability is likely to instill investor confidence and could drive the stock price up in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Microsoft's stock was bid up in 2023 due to its exposure to AI, which could continue to influence its stock performance in the short term.
The article mentions that Microsoft's shares were bid up due to AI exposure. While the focus is on Amazon, Microsoft's AI involvement is acknowledged and could maintain investor interest and positive sentiment.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Nvidia's stock performance in 2023 was positively impacted by its AI exposure, which may continue to affect its stock price in the short term.
Similar to Microsoft, Nvidia's stock rise due to AI exposure is mentioned. This could suggest continued investor interest in Nvidia's AI-related growth, potentially benefiting its stock price.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50