The world is gearing up for a massive stock market update, as leading Mag 7 companies are setting the stage to report their earnings this week. While investors await the crucial market update, Amazon (AMZN) stock is keeping investors on their toes as the company prepares to report its Q3 earnings. Should investors be eager to purchase Amazon before or after the company reports its Q3 earnings? Let’s find out.

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Amazon: Still a Buy?

Amazon is a leading e-commerce company, a retail giant growing rapidly in size. Per the latest AMZN update shared by the Motley Fool, Amazon is steadily gaining heavy market momentum, with its past earnings reporting net sales hitting $167.7 billion. At the same time, Amazon’s cloud computing service AWS has also reported a stellar hike in business, capping revenues worth $30B.

“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.” AWS CEO later shared

Amazon Web Services continues to play a major role in shaping the next phase of Amazon stock. AWS is actively leading the charge in the AI domain, which, if implemented with precision, can benefit the stock exponentially.

Per the report, Amazon’s stock case rests heavily on the firm’s AWS and advertisement business, with a special focus on retail expansion and growth. Based on historical stats, the stock may do well, potentially, given its precise expansion and growth ideas.

The Stock’s Near Future

According to TipRanks AMZN data, Amazon (AMZN) stock is eyeing a high price threshold of $300 in the near future.

“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 a 19.99% increase from the current price of $224.21. Amazon has a consensus rating of Strong Buy, which is based on 41 buy ratings, 0 hold ratings, and 0 sell ratings.”

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