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Wedbush Thinks Amazon’s Stock is Going to Recover

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Wedbush analyst Michael Pachter reiterated a Buy rating on Amazon (AMZNResearch Report) today and set a price target of $3950.00. The company’s shares closed last Wednesday at $2858.02, close to its 52-week low of $2707.04.

According to TipRanks.com, Pachter is a 3-star analyst with an average return of 1.6% and a 48.7% success rate. Pachter covers the Technology sector, focusing on stocks such as Playtika Holding, Corsair Gaming, and Unity Software.

Amazon has an analyst consensus of Strong Buy, with a price target consensus of $4150.83, implying a 43.4% upside from current levels. In a report issued on January 11, Morgan Stanley also maintained a Buy rating on the stock with a $4200.00 price target.

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Based on Amazon’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $111 billion and net profit of $3.16 billion. In comparison, last year the company earned revenue of $96.15 billion and had a net profit of $6.33 billion.

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Amazon.com, Inc. provides online retail shopping services and also generates revenue from cloud computing services. It operates through three business segments: North America, International, and Amazon Web Services (AWS). The North America and International segments include retail sales of consumer products and subscriptions (like Amazon Prime membership fees). AWS generates revenue from the global sales of compute, storage, database, and other service offerings. Founded by Jeffrey P. Bezos in July 1994, the company is headquartered in Seattle, WA.

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