Shares of Inc. have rebounded this week, putting them on track to end the year with an impressive winning streak. Despite a slight dip over the past few sessions, the e-commerce and cloud giant’s stock rose in morning trading Friday. If the gains hold, it will mark the 10th consecutive week of growth, tying the record from last year.

During this current 10-week streak, Amazon’s stock has risen by 22.8%, a significant increase although not as remarkable as the 40% rally witnessed during the streak in 2020. This year, Amazon’s stock has seen an impressive surge of 83%, making it their best yearly performance since 2015 when it skyrocketed by 118%. This year’s rally is the company’s sixth-best since going public in 1997, with the record set at a staggering 966% in 1998.

Amid speculation about regulatory actions against Amazon and concerns about its monopoly power, the stock experienced a brief dip from mid-September through late October. However, investors quickly realized that a potential breakup of the company could actually benefit their investment. It is believed that the individual parts of Amazon would be worth more separately, and investors would receive additional payouts if a breakup occurred.

Currently, Amazon’s stock is trading around 17.6% below its record high closing price reached earlier this year. Despite this, many remain optimistic about the company’s future and believe that both Amazon’s and Google’s stocks could benefit from potential government-ordered breakups.

Amazon is part of the so-called “Magnificent Seven,” a group of companies with the largest market capitalizations in the S&P 500 index. These companies have been major contributors to the market’s overall rally this year, accounting for more than half of its 24.6% increase.

Also read: “Magnificent Seven” up for another bull run? What to expect from technology stocks in 2024

Amazon Stock Analysis


In the world of stock investments, Amazon’s stock has stood out as a strong contender. However, it is interesting to note that it was only the median gainer this year when compared to its peers. Nevertheless, Amazon remains an attractive choice for investors, boasting the highest percentage of analysts recommending a buy at current levels.

Analyst Recommendations and Price Target

According to a recent survey conducted by FactSet, out of the 58 analysts covering Amazon, a staggering 98% express a bullish sentiment towards the stock. Only one analyst remains neutral. This overwhelming support indicates the confidence in Amazon’s future growth potential. The average 12-month price target on the stock is $179.20, suggesting an upside of approximately 16.5% from its current levels.

The Magnificent Seven

Let’s take a look at the percentages of analysts recommending a buy for the rest of the “Magnificent Seven” stocks:

  • Nvidia Corp.: Out of the 52 analysts covering Nvidia, 94% favor a bullish outlook, while the remaining four remain neutral.
  • Microsoft Corp.: Among the 53 analysts covering Microsoft, 91% are bullish on the stock, with the rest adopting a neutral stance.
  • Meta Platforms Inc.: Of the 62 analysts covering Meta Platforms, 84% recommend buying the stock, eight remain neutral, and two express a bearish sentiment.
  • Alphabet Inc.: In the case of Google parent Alphabet, 83% of the 58 analysts covering the stock are bullish, while the remaining analysts take a neutral position.
  • Apple Inc.: Out of the 44 analysts covering Apple, 61% advise buying, 14 remain neutral, and only three recommend selling.
  • Tesla Inc.: Surprisingly, only 43% of the 49 analysts covering Tesla are bullish on the stock, while 43% adopt a neutral stance, and the remaining seven express a bearish opinion.

Wedbush Analysts’ Perspective

In a recent note to clients, Wedbush analysts express their belief in Amazon’s potential upside among the internet stocks they cover. They consider Amazon as their “top pick” for 2024. Highlighting the continuous growth of e-commerce, the analysts emphasize that Amazon, being the largest retail media network globally (excluding China), will significantly benefit from the rapid growth of digital advertising and Prime Video monetization.


As one of the top contenders in the stock market, Amazon continues to gather support from analysts due to its impressive growth potential. With an overwhelming majority recommending a buy at current levels, combined with optimistic price targets, Amazon remains a promising choice for investors.

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