Jim Cramer’s Bold Predictions About These 15 Tech Stocks

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

Number of Hedge Fund Holders In Q3 2024: 286

Date of Cramer’s Comments: 10-07-24/10-08-24

Amazon.com, Inc. (NASDAQ:AMZN) received a lot of attention from Cramer on a Mad Money episode aired in October. The firm’s narrative relies on its high-volume retail business and its high-margin and recurring revenue AWS cloud division. Cramer’s comments revolved around a Wells Fargo downgrade, which he wasn’t impressed by, to say the least. In his characteristically blunt manner, the host outlined:

“First downgrade, Amazon by Wells Fargo titled “Positive Revision Story on Pause Reducing to Equal Weight”. Totally get it, lots of headwinds, stock’s abused from the so-called bad quarter when Amazon fell from $184 to $161. Since then, it’s traded as high as $195, but it’s $186 as of last week. It’s time to sell? I’m not so sure. What do these analysts fear? Amazon spending a lot on a ton of initiatives, worries about Walmart impact. So there’s a slight estimate cut, too. Wait a second. I say. How many times, how many times has Amazon been up against headwinds? Do you know how many times the company’s made some inexplicable moves? This is nothing new. Yet Amazon has always come back. It’s in their culture. It’s in their DNA. It always does.

“I remember a year and a half ago when I was screaming at them because Amazon Web Services was underperforming. Came right back. Last time they reported, I was in disbelief at the Olympics and the attempted assassination of Donald Trump led to a light third-quarter sales guide. I was apoplectic at the Alexa losses and what happens? Comes right back. So I say knock yourself out and sell it if you have to. Let me ask you, did you sell Amazon at $161 after that last supposedly bad quarter? How did it feel when the stock didn’t bounce to $195? Once again, I think it’s just a matter of time before Amazon bounces back. As usual. No hurry. Stock does seem to be headed lower, I’ve no doubt about that. I get it. But sell to buy it lower? Can you really get back in that? Too hard.”

Cramer’s anger was justified as since that day, Amazon.com, Inc. (NASDAQ:AMZN)’s shares have soared by a cool 25.8%. During this time, not only did the firm’s third-quarter revenue and EPS of $6.82 billion and $0.92 beat and meet analyst estimates, but analysts from Redburn Atlantic boosted their share price target to $235 from $225 to unlock additional momentum for the shares.