Amazon’s (AMZN) stock has been on a bull run lately and is currently trading near its all-time high. The question now is: will the rally last after the company reports its financial results on April 29?
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Trade AMZN with leverageIn the past month, AMZN stock has risen nearly 30% as investors have moved back into growth stocks and the artificial intelligence (AI) trade. The shares are now trading at $260.02 each, near the all-time high for the stock of $261.03.
Amazon is seen as a big beneficiary of the AI boom as it develops its own data centers, microchips, and extends partnerships with leading artificial intelligence startup companies such as Anthropic. Analysts say Amazon will have to demonstrate continue growth in AI to keep its stock running higher after its upcoming earnings print.
Amazon’s AI Moves
Amazon recently announced that it is investing another $25 billion in Anthropic. The deal will see Anthropic spend more than $100 billion on Amazon Web Services (AWS) cloud computing technologies over the next 10 years.
Cloud computing remains an important metric in Amazon’s quarterly financial results. Wall Street is always looking for continued growth in Amazon Web Services as it faces growing competition from established players such as Microsoft (MSFT) and Alphabet (GOOGL), as well as upstarts such as OpenAI.
Is AMZN Stock a Buy?
AMZN stock has a consensus Strong Buy rating among 46 Wall Street analysts. That rating is based on 43 Buy and three Hold recommendations issued in the last three months. The average AMZN price target of $284.09 implies 14.91% upside from current levels.
