Top 5 Stocks To Buy In 5 Different Sectors for the Next 3 Months

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

Number of Hedge Fund Holders: 278

Sector: Consumer Discretionary

Amazon.com, Inc. (NASDAQ:AMZN) is a broad-line retail e-commerce company. It is based in Seattle, Washington.

Amazon.com, Inc. (NASDAQ:AMZN) was in the portfolios of 278 hedge funds during the second quarter. Their total stake value was $34.9 billion.

Alex Haissl at Redburn Partners has a Buy rating and a $230 price target on Amazon.com, Inc. (NASDAQ:AMZN) as of August 11.

Baron Funds said the following about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest retailer and cloud services provider. During the quarter, Amazon’s shares increased 26.2% as a result of improving investor perception regarding the company’s advancements in AI, as well as an anticipated slowdown in customer cloud optimization initiatives, which is expected to pave the way for the reacceleration of growth in Amazon Web Services in the latter part of 2023. We are also optimistic about Amazon’s ability to significantly enhance the profitability of its core North American retail segment in the short to medium term. This optimism stems from the company’s transition to a new regionalized fulfillment network, the rightsizing of its infrastructure from the increased spending levels during the early stages of the pandemic, and its rapidly growing advertising business, which is margin accretive. Looking further ahead, Amazon’s potential for growth in e-commerce remains substantial, considering it currently captures less than 15% of its total addressable market. Amazon also remains the clear leader in the vast and growing cloud infrastructure market, with large opportunities in application software, including enabling GenAI workloads.