Amazon: Wait For Targeted Pullbacks (Technical Analysis) (Rating Downgrade)
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Amazon's stock has reached new highs due to strong AWS growth and attractive valuation metrics. Despite a Q3 earnings beat, investors are advised to wait for pullbacks before buying, as cloud growth lags behind competitors.
November 20, 2024 | 3:30 pm
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Amazon's stock has rallied due to strong AWS growth and attractive valuation metrics. Q3 earnings exceeded expectations, but cloud growth lags behind Alphabet and Microsoft. Investors are advised to wait for pullbacks before buying.
Amazon's Q3 earnings beat expectations, driving stock to new highs. However, the high forward P/E ratio and lagging cloud growth compared to Alphabet and Microsoft suggest potential overvaluation. Waiting for pullbacks is advised.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100