Only a couple of months ago, Amazon’s comeback rally looked unstoppable — until it was. With a huge post-earnings boost, Amazon shares closed at a record high of $284 each on Aug. 3 — an increase of nearly 45% from its 52-week low back in February. It looked like $300 and beyond was just a formality. Since then, however, Amazon has dropped more than 7%, with an up-and-down chart over the past month looking more like seismic activity than stock trading. So, what the heck happened? And what’s it going to take to get shares going again? Analysts at Morgan Stanley gave us some food for thought in a note this week, making their case for why they added Amazon to their top picks list and boosted their price target to $350 from $335, implying 33% upside from Monday’s close. Before getting into what we need to see from Amazon in the weeks and months ahead and Morgan Stanley’s reasons for being so positive, let’s do a quick recap of how we got here. How we got here Last quarter was…
What Amazon must do to get its stumbling stock back to record highs and beyond
