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Maxim Sees More Upside In Amazon, Raises Target From $825 To $940

Maxim Sees More Upside In Amazon, Raises Target From $825 To $940

Maxim’s Tom Forte sees more upside potential in, 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.”

Related Link: 3 Analysts Raised Their Amazon Price Targets To $1,000 Or Higher This Month

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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Latest Ratings for AMZN

Jan 2021Credit SuisseMaintainsOutperform
Jan 2021Morgan StanleyMaintainsOverweight
Nov 2020China RenaissanceUpgradesHoldBuy

View More Analyst Ratings for AMZN
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