12 Best Cloud Stocks to Buy According to Wall Street Analysts

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6. Amazon.com, Inc. (NASDAQ:AMZN)

Analyst Upside: 12.42%

Number of Hedge Fund Holders: 328

Amazon.com, Inc. (NASDAQ:AMZN) ranks among the best cloud stocks to buy according to Wall Street analysts. Jefferies kept its Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) while raising its price target for the e-commerce behemoth from $250 to $255 on July 1.

According to the firm’s analysis, Amazon.com, Inc. (NASDAQ:AMZN) customers remain resilient in the face of inflation worries, with 47% of respondents spending the same amount on the platform over the previous three months and 15% spending even more. Of those surveyed, 31% said they were spending less on Amazon, while only 3% said they had completely stopped.

The company’s July Prime Day event, which has been extended from the usual two-day format to four days (July 8–11), is expected to increase the number of Prime subscriptions, especially among students and young adults, thanks to prolonged free trial offerings.

Amazon.com, Inc. (NASDAQ:AMZN), is an American multinational technology company that offers a wide range of commercial interests that include digital streaming, online advertising, e-commerce, cloud computing through Amazon Web Services (AWS), and artificial intelligence.

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