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Mohit Oberoi

Amazon Stock Prediction: Why Do Analysts Want You to Buy AMZN in 2024?

Amazon Amazon.com Inc. FAANG AWS Ken Gawrelski Bank of America DA Davidson DIS Netflix Piper Sandler

U.S. stocks just ended their nine-week winning streak, as the S&P 500 Index ($SPX) closed the first week of 2024 with losses. Notably, the same tech giants that led the 2023 market rally from the front have looked vulnerable so far in the year. However, while a section of the market believes that valuations of tech stocks leave little on the table for investors this year, many analysts view Amazon (AMZN) as a top buy for 2024.

Last week, five brokerages - namely Piper Sandler, Bank of America, D.A. Davidson, Wolfe, and Wells Fargo - named Amazon their top pick for 2024, in a single day. Apart from these brokerages, many more also have the stock as a top 2024 pick, including JPMorgan, Evercore ISI, Citi, TD Cowen, and Bernstein.

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