Jul 22, 2022Trade Ideas

Keep an eye on (AMZN) at $124.

After getting crushed, the stock could soon break out. That is, if it can break above prior resistance around $129. If it can, AMZN could potentially refill its bearish gap around $140 shortly after. Longer-term, we’d like to see it back above $1,000. Back to school season, and even the holidays – which are just months away—could send shares higher, too.

And, as noted by Barron’s:

Gene Munster, a portfolio manager at Loup Ventures, says his firm has been adding to its position. He’s convinced that in the long run, “no one is going to compete with Amazon” in online shopping. Munster figures that AWS and the ad business together will generate $45 billion in operating income this year. Value that at 25 times earnings, says Munster, and you get $1.1 trillion, which is just about the company’s current total market value.

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