Analysts at Monness, Crespi & Hardt maintained their Buy rating and set a $170 price target for Amazon (NASDAQ:AMZN) in a recent note.
The analysts observe that Amazon is approaching the end of its most challenging season and has various strategies to utilize in 2024. The firm anticipates that Amazon’s stock performance in the near term will be influenced by consumer spending trends during the holiday season.
However, the analysts emphasized that Amazon benefits from more lasting factors. These include the positive impact of bold efficiency measures implemented this year and the exploration of significant new opportunities across its diverse portfolio.
The analysts believe Amazon is well-placed to capitalize on digital transformation, excel in cloud computing, innovate with AI, engage in emerging healthcare ventures, and benefit from a more streamlined cost structure.
Despite these optimistic views, they cautioned that regulatory challenges continue to be a factor and warned that the most difficult phase of the current economic downturn may still lie ahead.