New Coverage Initiated for Amazon: Analysts Predict Strong Growth Ahead
On October 11, 2024, Pivotal Research commenced its coverage of Amazon.com (LSE:0R1O) with a Buy recommendation.
Analyst Price Forecast Indicates Potential Growth
As of September 25, 2024, the consensus one-year price target for Amazon.com stands at 221.48 GBX/share. This target reflects a range from a low of 180.51 GBX to a high of 276.27 GBX. Compared to its recent closing price of 188.75 GBX, this average price target suggests a potential upside of 17.34%.
Insights into Amazon’s Projected Revenue
Forecasts for Amazon’s annual revenue reach approximately 638,843MM, marking a growth of 5.71%. Analysts also project an annual non-GAAP EPS of 2.56.
Fund Sentiment Reflects Increased Interest
A total of 6,846 funds and institutions now report stakes in Amazon.com, showing an increase of 117 owners, or 1.74%, from the previous quarter. The average portfolio weight for these funds allocated to 0R1O is 2.50%, which is up by 2.22%. Additionally, institutional shares owned rose by 5.67% over the last three months, totaling 7,337,459K shares.
The Vanguard Total Stock Market Index Fund Investor Shares holds 295,886K shares, representing 2.82% ownership, up from 293,875K shares previously reported, reflecting an increase of 0.68%. This fund has also boosted its allocation in 0R1O by 4.90% over the last quarter.
Vanguard 500 Index Fund Investor Shares owns 235,043K shares, or 2.24% of the company, which is an increase of 1.99% from 230,356K shares. Their allocation in 0R1O has also grown by 3.48% recently.
Geode Capital Management maintains 193,369K shares, representing 1.84% ownership, up by 2.86% from 187,843K shares. Allocation in 0R1O increased by 4.66% last quarter.
Price T Rowe Associates reports 181,610K shares, reflecting 1.73% ownership. This is a decrease of 4.46% from 189,705K shares previously held. However, their allocation for 0R1O has grown slightly by 0.13% over the last quarter.
JPMorgan Chase holds 172,868K shares, or 1.65% ownership, which is an increase from 171,742K shares, up by 0.65%. Their portfolio allocation in 0R1O has risen by 4.72% over the last quarter.
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