Amazon shares touch a fresh all-time high on Wednesday, MKM Partners revises up price target on the stock to $1 750

February 22, 2018 10:52 am

MKM Partners reportedly revised up its price target on Amazon’s stock to $1 750 from $1 350 previously, as the e-commerce giant is seen as increasing the competitive advantage it has achieved. The research firm also maintained a “Buy” rating on the stock.

Amazon shares closed higher for a second consecutive trading session on Wednesday. The stock went up 0.99% ($14.57) to $1,482.92, after touching an intraday high at $1,503.18 and also a fresh all-time high.

In the week ended on February 18th the shares of the e-commerce giant added 8.14% to their market value compared to a week ago, which marked the third gain out of four weeks. It has also been the best performance since the week ended on January 28th.

The stock has extended its advance to 2.21% so far during the current month, following a 24.06% surge in January. The latter has been the best monthly performance since September 2010.

For the entire past year, the shares of the NASDAQ-listed company rose 55.96% following another 10.95% surge in 2016.

“We continue to think Amazon is the best growth story of all the mega-caps over the very long term”, MKM analyst Rob Sanderson said in a client note, cited by MarketWatch.

According to analysts, higher-margin businesses such as Amazon Web Services as well as advertising may turn out to be major drivers behind the e-commerce giant’s growth.

MKM Partners now expects earnings per share of $78 for Amazon in 2022, a revision up from $66 per share, as forecast previously.

According to CNN Money, the 41 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,650.00, with a high estimate of $1,850.00 and a low estimate of $980.00. The median estimate is an 11.27% surge compared to the closing price of $1,482.92 on February 21st.

The same media also reported that 38 out of 47 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 4 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Amazon stock are presented as follows:

R1 – $1,485.05
R2 – $1,487.18
R3 (Range Resistance – Sell) – $1,489.31
R4 (Long Breakout) – $1,495.70
R5 (Breakout Target 1) – $1,503.17
R6 (Breakout Target 2) – $1,506.21

S1 – $1,480.79
S2 – $1,478.66
S3 (Range Support – Buy) – $1,476.53
S4 (Short Breakout) – $1,470.14
S5 (Breakout Target 1) – $1,462.67
S6 (Breakout Target 2) – $1,459.63

By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:

Central Pivot Point – $1,420.55
R1 – $1,497.08
R2 – $1,545.48
R3 – $1,622.01
R4 – $1,698.55

S1 – $1,372.15
S2 – $1,295.62
S3 – $1,247.22
S4 – $1,198.83

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