Amazon Stock: New High Amid Impressive Q3 Results

Amazon's stock reached a new peak of $210.69 on November 7, 2024, at the NASDAQ exchange, closing at $210.43 with a 1.6% increase. This surge follows the e-commerce giant's exceptional third-quarter performance, where earnings per share jumped to $1.46 from $0.96 year-over-year, accompanied by an 11.04% revenue boost to $158.88 billion. Despite these strong figures, the stock experienced a slight dip on the following day, closing at $209.60, which is 1.26% below its 52-week high.

Analysts Maintain Bullish Outlook

Financial experts remain optimistic about Amazon's future, setting an average price target of $227.14, suggesting an upside potential of over 8%. This positive sentiment is rooted in the company's dominant market position and continued growth in online retail. Analysts project earnings per share of $5.11 for the full year 2024, underscoring Amazon's robust financial trajectory. Investors are now eagerly anticipating the Q4 results, expected to be released in late January 2025, which could provide fresh momentum for the stock.