Jul 5, 2022Trade Ideas

Keep an eye on (AMZN).

After splitting 20:1, the retail behemoth now sits at $109.56 – and is oversold on RSI, MACD, and Williams’ %R. Near-term, we’d like to see the stock initially refill its bearish gap around $140 a share. The stock is also fundamentally cheap, with a market cap of $1.11 trillion and is trading at just 2.44x trailing 12-month sales.

Plus, we have to consider that back to school and even holiday shopping seasons are just around the corner. Helping, Tigress analyst Ivan Feinseth has a buy rating on the stock, with a price target of $232. One of the top reasons he likes the stock: “There’s the “incredible value proposition of Amazon Prime.’ This includes the ‘ultrafast’ delivery and growing video content, which keeps on driving membership additions while Prime members ‘continue to represent an accelerating growth segment of AMZN’s customer base.’”

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