Outside of NVIDIA's (NASDAQ: NVDA) recent share price going stratospheric, Amazon (NASDAQ: AMZN) has been a Wall Street darling since the company's inception. With its dominance in e-commerce, cloud computing, and various other ventures, Amazon has consistently been a top performer in the stock market.
After a strong start to 2024, Amazon.com (NASDAQ:AMZN) stock fell into a late summer slump. But shares of the e-commerce giant have climbed back to near record highs, showcasing the resilience and attractiveness of the company to investors.
Interested in the outlook for Amazon stock? You're not the only one. Here's a look at key factors to get an idea of where Amazon stock may go in the future, including competition, profit potential, and revenue growth.
It is hard to get excited after looking at Amazon.com's (NASDAQ:AMZN) recent performance, when its stock has declined 2.1% over the past month. However, this minor setback does not overshadow the overall strength and stability of Amazon as a long-term investment.
The biggest risks of investing in Amazon.com, Inc. (NASDAQ:AMZN) stock are increasing competition, profit potential uncertainty, revenue growth uncertainty, and regulatory challenges. Despite these risks, Amazon's track record of innovation and adaptability has kept it at the forefront of the market.
Amazon stock gained about 30% on a price basis through the first half of 2024 – vs 19% for the tech-heavy Nasdaq Composite – to trade at record levels. This impressive growth reflects the continued confidence investors have in Amazon's ability to deliver strong returns.
Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta Platforms, and Tesla lived up to their name in 2023 with remarkable performances. Amazon's consistent growth and innovation have solidified its position among these top-performing companies.
Amazon Web Services (AWS), an Amazon.com company, and NVIDIA today announced that the new NVIDIA Blackwell GPU platform—unveiled by NVIDIA—will further enhance the capabilities and offerings of both companies in the tech industry.
JPMorgan adjusted its outlook on shares of Amazon.com Inc. (NASDAQ:AMZN), reducing the e-commerce giant's price target from $240.00 to $230.00. This adjustment reflects the ongoing evaluations and analyses that financial institutions conduct to provide accurate predictions for stock performance.
