Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets

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

Upside Potential: 46%

Loop Capital’s analyst, Rob Sanderson, expressed an optimistic outlook on Amazon.com, Inc. (NASDAQ:AMZN) and has consequently raised the price target for the company. The price target has been increased by 11.1%, moving from $180 to $200 as of August 23. Despite this adjustment, Rob Sanderson has chosen to uphold the “Strong Buy” rating for the stock. This adjustment in the price target reflects Rob Sanderson’s belief that Amazon.com, Inc. (NASDAQ:AMZN) stock has the potential to reach $200 within a specific timeframe. The “Strong Buy” rating emphasizes Rob Sanderson’s positive stance on the company’s performance, suggesting they consider it a highly favorable investment choice.

Mairs & Power Growth Fund made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2023 investor letter:

“Regarding stock selection in the first half, Nvidia (NVDA) was a massive outperformer, up 189.54%. Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft were also positive contributors, up 55.19% and 42.66%, respectively. All three stocks benefited from a renewed interest in growth stocks by investors in the first half of the year.

Amazon had an impressive first half of the year as well with growth out of its retail segment but slightly slower growth in its cloud business. Customers optimized workloads for existing capacity they were already paying for rather than adding incremental capacity in the current environment. We remain very excited about the opportunity for the company to reduce the labor needs of its retail segment through the use of technology and automation in the future.”