Scotiabank Endorses Amazon.com with Positive Growth Forecast
On October 11, 2024, Scotiabank announced its coverage of Amazon.com (NasdaqGS:AMZN), giving it a strong Sector Outperform rating.
Analyst Predictions Point to Promising Returns
As of September 25, 2024, analysts have set an average one-year price target for Amazon.com at $223.06 per share. This projection indicates a potential rise of 18.14% from the last closing price of $188.82 per share. The price targets range from a low of $181.80 to a high of $278.25.
Projected Revenue and Earnings Growth
Amazon.com is expected to achieve an annual revenue of $658,399 million, reflecting an 8.95% increase. Additionally, the anticipated non-GAAP earnings per share (EPS) stands at 3.18.
Investor Sentiment Shows Growth
A total of 6,847 funds or institutions have disclosed their positions in Amazon.com, marking an increase of 117 owners, or 1.74%, since last quarter. The average portfolio weight dedicated to AMZN across these funds has risen to 2.50%, which is an increase of 2.24%. Over the past three months, total shares held by institutions jumped 3.21% to 7,337,459K shares. Additionally, AMZN’s put/call ratio of 0.88 suggests a bullish outlook among investors.
Recent Movements from Major Shareholders
The Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) holds 295,886K shares, which is 2.82% of Amazon. This represents a slight increase from 293,875K shares in their previous report, indicating a 0.68% rise in ownership. The firm has also lifted its portfolio allocation to AMZN by 4.90% over the last quarter.
Similarly, the Vanguard 500 Index Fund Investor Shares (VFINX) now possesses 235,043K shares, equating to a 2.24% stake, up from 230,356K shares. Their portfolio allocation in AMZN has grown by 3.48% recently.
Geode Capital Management increased its shares from 187,843K to 193,369K, raising its ownership to 1.84%. This translates to a 2.86% growth in their holdings. Price T Rowe Associates, on the other hand, has seen a minor dip, owning 181,610K shares after reducing their previous holdings of 189,705K shares by 4.46%. Yet, they still managed to slightly increase their portfolio allocation by 0.13% this quarter.
Meanwhile, J.P. Morgan Chase has reported an increase in its ownership from 171,742K to 172,868K shares, maintaining a 1.65% stake, along with a 0.65% portfolio increase in Amazon.com.
About Amazon.com
(This description is provided by the company.)
Amazon is led by four guiding principles: putting customers first, fostering innovation, ensuring operational excellence, and focusing on long-term results. The company has transformed shopping with features like customer reviews, 1-Click shopping, personalized recommendations, Prime memberships, and services such as AWS, Kindle Direct Publishing, Fire devices, and Alexa.
Fintel serves as a comprehensive investing research platform for individual investors, traders, financial advisors, and small hedge funds, offering in-depth analysis, data, and insights.
This article was originally published on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
