Amazon (AMZN +2.02%) stock is gaining in Tuesday's trading. The e-commerce and cloud-computing giant's share price ended the daily session up 2.1%, according to data from S&P Global Market Intelligence.
NASDAQ: AMZN
Key Data Points
Amazon stock enjoyed solid bullish momentum today thanks to positive coverage from analysts. A research note published by JMP Securities reported that the e-commerce leader had set new records with its recent Prime Day event. In addition, Morgan Stanley raised its price target on the stock.
Amazon Prime purchasing may have surged double digits
JMP Securities estimates that the total amount of goods sold across Amazon's e-commerce market increased between 11% and 12.7% for its annual Prime Day event, which ran July 16 and July 17. The firm maintained a buy rating on the stock and a one-year price target of $225 per share, which would represent upside of roughly 21% based on Amazon's closing price of $186.41 per share today.
Morgan Stanley pounds the table on Amazon ahead of earnings
Morgan Stanley released its own bullish coverage on Amazon today, maintaining an overweight rating on the stock and raising its one-year price target from $220 per share. According to the write-up, Amazon remains Morgan Stanley's top pick among megacap stocks.
The firm anticipates that the company's Amazon Web Services (AWS) and North American e-commerce segments will help power strong, second-quarter performance. Morgan Stanley's analysts are looking for AWS to grow at least 18% as an indicator of its positioning in the generative artificial intelligence (AI) space. The firm is also looking for profits from the North American retail business to come in ahead of Wall Street's expectations in the near term.
With today's gains, Amazon stock is now up roughly 23% year to date. The company is scheduled to report after the market closes on Aug. 1.
