Bank of America Reiterates Buy Rating on Amazon.com (AMZN) Stock

Amazon.com, Inc. (NASDAQ:AMZN) is one of the Best Wide Moat Stocks to Buy According to Wall Street Analysts. On May 21, Bank of America analyst Justin Post reiterated a “Buy” rating on the company’s stock with a price objective of $310. As per the analyst, the company’s cloud business continues to demonstrate healthier momentum, thanks to AI demand, stronger profitability, and an increasing backlog.

Bank of America Reiterates Buy Rating on Amazon.com (AMZN) Stock

Furthermore, the analyst highlighted Amazon.com, Inc. (NASDAQ:AMZN)’s reacceleration in the retail segment and the upcoming June Prime Day. The company has been improving across numerous areas at once and is not depending on one part of its business, added the analyst. Post also noted the company’s use of AI in shopping, which includes Alexa for Shopping and Rufus, which can result in a better shopping experience and help fuel more sales over time.

Therefore, the analyst believes Amazon.com, Inc. (NASDAQ:AMZN) is a stronger AI and cloud story after the results. Overall, the AWS growth seems to be improving, while AI demand continues to accelerate, and its retail tools are also getting better.

Amazon.com Inc. (NASDAQ:AMZN) operates across e-commerce, digital content, advertising, and cloud computing. Its online and offline stores offer both in-house and third-party products, while its Amazon Web Services (AWS) division runs one of the world’s largest data center networks.

While we acknowledge the risk and potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AMZN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best FMCG Stocks to Invest In According to Analysts and 11 Best Long-Term Tech Stocks to Buy According to Analysts.

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1