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Maxim’s Tom Forte sees more upside potential in Amazon.com, Inc. (NASDAQ: AMZN) and recommends that investors buy the stock at the current levels.
Forte maintained a Buy rating on the company, while raising the price target from $825 to $940.
Efforts Paying Off
The analyst believes Amazon “continues to increase its sphere of influence,” which would enable the company to “disrupt the retail and technology sectors.”
The company has also made several announcement regarding progress on various initiatives, including the Internet of things, expanding its physical footprint and logistics, as well as adding new market for the online grocery delivery service, AmazonFresh.
In addition, Amazon is “offering new proprietary hardware that expands its Alexa effort,” which Forte explained is “a virtual assistant leveraging artificial intelligence and cloud computing technology.”
Estimates Raised
The analyst expressed confidence in the ability of these efforts, collectively, being able to drive sales and adjusted EBITDA margin expectations higher for Amazon.
The sales estimate for 2017 has been raised from $166 billion to $168 billion, while the adjusted EBITDA estimate for 2017 has been raised from $19.1 billion to $19.3 billion.
The EPS estimate for 2017 has been raised from $8.49 to $8.64.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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