After UBS and Robert W. Baird gave Amazon (NASDAQ: AMZN) a Buy rating last month, the company received another Buy, this time from Pivotal Research. Analyst Brian Wieser initiated coverage with a Buy rating on Amazon today and set a price target of $1920. The company’s shares closed on Friday at $1575.39.
“We also assess other valuation considerations which lead us to our $1920 YE2019 price target. With a stock trading more than 15% below this level at the present time, we initiate coverage with a Buy recommendation.”
According to TipRanks.com, Wieser is a 5-star analyst with an average return of 12.0% and a 77.0% success rate. Wieser covers the Services sector, focusing on stocks such as Interpublic Group of Companies, Nielsen Holdings, and 21st Century Fox.
Currently, the analyst consensus on Amazon is a Strong Buy with an average price target of $2139.39, which is a 35.8% upside from current levels. In a report issued on December 27, D.A. Davidson also maintained a Buy rating on the stock with a $2450 price target.
Based on Amazon’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $56.58 billion and net profit of $2.88 billion. In comparison, last year the company earned revenue of $60.45 billion and had a net profit of $1.86 billion.
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