Wall Street Rushes to Raise Amazon Targets After 15% Post-Earnings Stock Surge
Amazon (AMZN) stock jumped 15.32% on Friday and closed at $271.58. Within hours, more than a dozen banks raised their price targets on it.
The trigger was Amazon's second quarter report, published July 30. Its cloud business grew much faster than Wall Street expected.
What Set Off the Amazon Price Target Race
Amazon sold $200.6 billion of goods and services in the quarter. That is 19.6% more than a year ago. Analysts had expected $197.0 billion. Profit came in at $5.75 per share, against forecasts near $1.81.
One number mattered most. Amazon Web Services, the company's cloud arm, grew 36.8% to $42.2 billion. That was its fastest growth in 18 quarters, or about four and a half years. The Q2 earnings beat had already lifted the stock 8.85% after hours.
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Benchmark Now Sees Amazon at $400
Benchmark analyst Daniel Kurnos raised his target to $400 from $370 and kept a Buy rating.
He called it one of Amazon's best quarters in at least 10 years. He has followed the company for close to 20 years.
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