Amazon: Jefferies keeps 'buy' rating ahead of results
(CercleFinance.com) - Jefferies is maintaining its "buy" rating on Amazon, with a target price of 3,800 dollars, ahead of the Seattle tech giant's second-quarter results on Thursday.
The broker points out that expectations are high heading into the event, with the shares having risen by 65% year-to-date and even trading 34% higher since the end of the first quarter. Jefferies expects, however, Amazon to deliver.
Yet, as most of the near-term acceleration in business has been priced in, the broker prefers to focus on how recent changes in consumer behaviour provide attractive long-term opportunities.
"We believe behavioral changes resulting from the pandemic provide Amazon attractive long-term opportunities beyond a near-term surge in online consumption," it writes in a note.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker points out that expectations are high heading into the event, with the shares having risen by 65% year-to-date and even trading 34% higher since the end of the first quarter. Jefferies expects, however, Amazon to deliver.
Yet, as most of the near-term acceleration in business has been priced in, the broker prefers to focus on how recent changes in consumer behaviour provide attractive long-term opportunities.
"We believe behavioral changes resulting from the pandemic provide Amazon attractive long-term opportunities beyond a near-term surge in online consumption," it writes in a note.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.