5 Best Big Name Stocks to Buy Right Now

2. AMAZON.Com Inc (NASDAQ:AMZN)

Number of Hedge Fund Investors: 293

Amazon.com Inc (NASDAQ:AMZN) is among the best big name stocks to buy right now according to hedge funds.

Back in December, Citi analyst Ronald Josey upped his price target on Amazon.com Inc (NASDAQ:AMZN) shares to $210 from $177 and kept a Buy rating on the stock.

A total of 293 hedge funds tracked by Insider Monkey had stakes in Amazon.com Inc (NASDAQ:AMZN) as of the end of the fourth quarter of 2023.

Polen Focus Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

“For the full year, the top relative and absolute contributors were Amazon.com, Inc. (NASDAQ:AMZN), Salesforce, and ServiceNow. Amazon shares appreciated 88% in 2023, driven primarily by rapidly expanding operating profit margins and free cash flow growth. After the pandemic, Amazon experienced a period of inefficiency and overinvestment in its distribution and logistics infrastructure. Amazon is now leveraging these investments as growth returned to its e-commerce business in 2023 after a highly unusual 2022. At the same time, Amazon’s rapidly growing and high-margin advertising business is contributing strongly to the entire company’s operating profit growth. The AWS (Amazon Web Services) cloud infrastructure and services business continued to slow in 2023 as customers anticipating a more difficult economic environment looked to save money on their cloud spend, but these cloud spending optimizations began to stabilize in the second half of 2023. We now expect customer interest in generative AI will begin to contribute to growth.”