Amazon Stock (AMZN): $3,400 Price Target Unchanged By AB Bernstein

By Amit Chowdhry ● Sep 22, 2020
  • Mark Shmulik, Senior Analyst covering US Internet at AB Bernstein, announced this morning that he is upgrading Amazon.com to “Outperform” and leaves the price target unchanged at $3,400

Mark Shmulik, Senior Analyst covering US Internet at AB Bernstein, announced this morning that he is upgrading Amazon.com, Inc. (NASDAQ: AMZN) to “Outperform” from “Market Perform” after a 16% pullback. And he left the price target unchanged at $3,400.

Shmulik told investors that recent work suggests Amazon is positioned to increase its dominant share position after the return to physical stores happens.

And Amazon also “quietly made substantial inroads” into grocery and shopping verticals. Shmulik noted that Amazon’s shares falling 16% over the last couple of weeks created an “attractive entry point.” Shmulik also believes that Amazon is well-positioned to benefit from the permanent pull-forward in the hyper-scale cloud market.

Shmulik is not the only bullish Amazon analyst. Morgan Stanley managing director Brian Nowak has an “Overweight” rating on Amazon with a $3,750 price target. And Amazon is one of Morgan Stanley’s picks into Q4 and 2021 due to the upward inflections in e-commerce spending, the company’s profitability, and the growth in AWS. 

Today Amazon’s shares are up 2.05% (+60.58) as of 9:13 AM EDT (before hours).

Disclosure: I own a small Amazon position in my portfolio.