Benchmark Co. Reaffirms Their Buy Rating on Amazon.com Inc. (AMZN)

By Carrie Williams

Benchmark Co. analyst Daniel Kurnos maintained a Buy rating on Amazon.com Inc. (AMZNResearch Report) today and set a price target of $2300. The company’s shares closed yesterday at $1973.82, close to its 52-week high of $2050.50.

Kurnos said:

“We find this highly reminiscent of the warehouse and datacenter build-out days, if not to a lesser degree, as we expect elevated costs could begin to diminish as early as 4Q19. If shares demonstrate any kind of material weakness on the soft profit results today, we would be buyers on the pullback.”

According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 12.0% and a 55.9% success rate. Kurnos covers the Services sector, focusing on stocks such as Nexstar Media Group Inc, Sinclair Broadcast, and 1-800 Flowers.com.

Currently, the analyst consensus on Amazon.com Inc. is a Strong Buy with an average price target of $2323.33, a 17.7% upside from current levels. In a report issued on July 12, Monness also maintained a Buy rating on the stock with a $2300 price target.

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The company has a one-year high of $2050.50 and a one-year low of $1307. Currently, Amazon.com Inc. has an average volume of 3.88M.

Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock.

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