AMZN Stock: $4,100 Price Target By JPMorgan

By Amit Chowdhry ● Updated January 10, 2021
  • The price target of Amazon.com, Inc. (NASDAQ: AMZN) has been increased from $4,050 to $4,100 by JPMorgan Chase. These are the details.

The price target of Amazon.com, Inc. (NASDAQ: AMZN) has been increased from $4,050 to $4,100 by JPMorgan Chase. JPMorgan analyst Doug Anmuth is also keeping an “Overweight” rating on the company shares.

Anmuth cited Prime member engagement as a reason for driving strong Q3 revenue and Q4 outlook. And Anmuth noted that Amazon is making significant investments to keep up with elevated demand and deliver for customers in a way that very few others can.

For Q3 2020, Amazon hit $96.1 billion in sales, up 36% higher than the sales from Q3 2019. The Q3 operating income for the company was $6.2 billion, which is nearly double the $3.2 billion reported during the same quarter a year earlier.

During the quarter, Amazon opened two Amazon Fresh grocery stores in California and the company announced the Luna cloud gaming service. Plus it rolled out new Echo devices and introduced the Amazon Halo fitness tracking device. Amazon’s AWS platform also saw tremendous momentum for the quarter as it signed new accounts like Moderna, Indeed, and Jack in the Box. Amazon Prime Day will be reported in the Q4 earnings.

The Q4 revenue is expected to be somewhere between $112 billion and $121 billion, representing year-over-year growth of 28% to 38%. And fourth quarter operating income is expected to be as low as $1 billion or as high as $4.5 billion. The company will be reporting about $4 billion in costs related to COVID-19 in Q4.

JPMorgan is not the only brokerage to increase their price target on Amazon today. Here is how some of the other brokerages rated JPMorgan:

– Baird – Price Target Increase ($3,500 to $3,700)
– Barclays – Price Target Increase ($3,530 to $3,660)
– Benchmark – Price Target Increase ($3,800 to $4,000)
– Monness Crespi & Hardt – Price Target Increase ($3,750 to $4,000)
– Piper Sandler – Price Target Increase ($3,860 to $3,903)
– Wedbush – Price Target Increase ($3,700 to $3,900)
– MKM Partners – Price Target Increase ($3,650 to $3,750)