Amazon is now working its way towards the top of the market radar. One of the leading Mag7 companies, Amazon stock is now eyeing further upside, with $306 forecast for the stock to bask in soon. What major elements are helping the Amazon stock surge high in the long run? Let’s explore them all in depth.

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Amazon Stock Eyes Fresh Highs: What Is Happening?

AI Spending And Job Cuts Go Hand In Hand
Source: People Matters

Amazon stock is currently trading at $226, but is poised for stronger market momentum in the near future. Amazon has now become a leading retail giant, with a valuation of $ 2.6 billion. Amazon has lately been reporting a stellar hike in sales with data from Q2, stating a hike of 13% in sales, reaching $167B. The company has lately been experimenting with AI and robotics to reduce operational costs, which seems to be paying off strategically.

“During the second quarter, we continue to see growth in both our generative AI and non-generative AI businesses as companies turn their attention to newer initiatives, bring more workloads to the cloud, restart or accelerate existing migrations from on-premise to the cloud, and tap into the power of generative AI.” Amazon CFO Brian Olsavsky later shared.

In addition to this, Amazon’s ad business is also gaining steady momentum, alongside its cloud computing unit AWS, which collectively are bringing in heavy gains for the company.

Banking on such changes, Amazon stock prediction has been ramped up, showcasing a high of $306. The portal further issues a strong buy signal for the stock, adding more to its momentum and growth.

AMZN STATS
Source: CNN

TipRanks Analysis

According to AMZN TipRanks data, Amazon stock may claim a high of $300 in the next 12 months.

AMZN STATS
Source: TipRanks

“The average price target for Amazon is 269.03. This is based on 41 Wall Street analysts’ 12-month price targets, issued in the past 3 months. The highest analyst price target is $300.00, and the lowest forecast is $230.00. The average price target represents an 18.53% increase from the current price of $226.97.

Also Read: Amazon (AMZN) to fire 30,000 Employees Starting October 28

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