Amazon (AMZN) could see higher highs, with its cloud business picking up steam. That’s according to analysts at Redburn, who have a buy rating on the stock, with a $230 target.
“The deceleration has concluded, and the emphasis now shifts to the reacceleration. Contrary to the general consensus, we project that AWS will experience a more robust reacceleration, exceeding both 2021 levels and market forecasts,” they said, as quoted by CNBC.
Back to school shopping should help, too.
All with consumers expected to spend up to $41.5 billion for back to school gear, which should pass the $37.1 billion spent in 2021. Back to school college spending could hit $94 billion, about $20 billion more than last year, according to the National Retail Federation.
“Back-to-class shopping is one of the most important consumer shopping occasions of the year. Our research for 2023 shows American consumers are eager to jump start their back-to-school and college purchases early,” NRF President and CEO Matthew Shay said in a press release on the survey. “Retailers have been preparing for months to ensure they are well stocked with essential items that families and students need for the school year.”
AMZN last traded at $138.56 a share. We’d like to see it challenge overhead resistance around $143.42 initially. If it can break above that, we’d like to see AMZN again challenge $170.