Amazon, Meta, and Google: Analysts Reveal Unseen Insights for 2024
Portfolio Pulse from Anusuya Lahiri
Wedbush analysts, led by Scott Devitt, provided insights for 2024, favoring Amazon (AMZN) and Meta Platforms (META) in eCommerce and digital advertising, respectively. They predict normalized growth rates for both sectors and see Amazon as well positioned with rising retail margins, AWS growth, and strong advertising revenue. Meta is expected to benefit from monetization of new products and AI features. Google (GOOGL) was downgraded to #2 in digital advertising due to challenges in Google Cloud and AI initiatives. Wedbush maintains Outperform ratings on all three, with price targets of $210 for AMZN, $420 for META, and $160 for GOOGL.
December 27, 2023 | 5:53 pm
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POSITIVE IMPACT
Amazon is Wedbush's top pick for internet coverage in 2024, with expected revenue growth, rising retail margins, AWS acceleration, and strong advertising revenue growth.
Wedbush's positive outlook on Amazon's retail margins, AWS, and advertising revenue growth, along with a maintained Outperform rating and a price target of $210, suggests a bullish sentiment that could positively impact AMZN's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Meta Platforms is expected to see revenue growth from new product monetization and AI features. Wedbush raised the price target from $350 to $420 and reiterated an Outperform rating.
The raised price target for Meta Platforms to $420 and the anticipation of improved monetization and engagement from new products and AI suggest a positive short-term impact on META's stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
NEUTRAL IMPACT
Google faces a challenging 2024 with uncertainties in Cloud and AI. Despite this, Wedbush maintains an Outperform rating and a price target of $160.
Google's challenges with Cloud and AI may create uncertainty, but the maintained Outperform rating and price target of $160 indicate a neutral short-term impact on GOOGL's stock price.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 75