Amazon.com, Inc. (NASDAQ:AMZN) had an eventful Friday as it reported better than expected quarter earnings. Amazon.com, Inc. (NASDAQ:AMZN) stock went up by more than 14% on Friday inspite of a 12 cent loss reported per share. The street was expecting a loss of 14 cents per share. The e-commerce giant also reported a revenue of $1.57 billion when went up by around 49% Year over Year. Amazon.com, Inc. (NASDAQ:AMZN) had a tremendous year in 2015 with stock prices going up by more than 40%. But is there a possibility that the stock could go further higher? Amazon.com, Inc. (NASDAQ:AMZN) also received handful of upgrades and increased price targets from many firms. Lido Isle Advisors Specialist in technical analysis, Jason Rotman and Chantico Global’s Macrostrategist Gina Sanchez talked on CNBC about Amazon’s earnings and their outlook for the stock for rest of the year.
Amazon has already had a red hot year with stock surging, but can it higher that the current value in 2015, especially after a better than expected quarter earnings. Rotman feels that Amazon’s stock can definitely go higher in the days to come. He said that there is a strong technical reason that suggests that the stock could go further higher. He connected the highs of 2011 and 2014 in Amazon’s stock trend. He feels that Amazon can go higher by around 20-25% from where it is currently trading at.
“It has had a red hot year but I do see more upside for one major technical reason. [..] What I did was, I connected the highs of 2011 and 2014, that’s basically the supply line. So I think there is going to be major demand until Amazon reaches that supply line, which is still 20% away if you are talking about an end of year target. So if you look at that supply line, based in December 2015, […] $550 target. [..] Amazon atleast has 20-25% upside starting now,” Rotman said.
Sanchez pointed out that Amazon’s tagline is go big or go home. She pointed out that Amazon reported bigger revenue than expected. She added that the company had reported losses which was lower than the expected losses and also compared to the same period last year. She thinks that reducing loss is obviously a favorable point for Amazon. She feels that their web services and cloud computing segment is showing tremendous growth. She thinks that these services could grow very big for Amazon.
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