Amid hiring freezes, unimpressive Prime Day sale numbers, and an overall tough economic scenario, Amazon’s (NASDAQ:AMZN) founder and ex-CEO Jeff Bezos cautioned U.S. citizens to prepare for a recession. The comment follows various corporate behemoths as well as government regulators’ indications of a possible recession ahead.
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In a tweet, conceding with Goldman Sachs (NYSE:GS) CEO David Solomon’s comment in a CNBC interview, Jeff Bezos stated, “Yep, the probabilities in this economy tell you to batten down the hatches.”
Despite the financial giant Goldman topping Q3 earnings expectations earlier this week, CEO Solomon cautioned corporate leaders as well as investors to comprehend the risk factors and brace up in accordance with the times ahead.
Is Amazon Stock a Buy or Sell?
Despite the tough macro backdrop, the Wall Street community remains optimistic about Amazon stock. Overall, the stock commands a Strong Buy consensus rating based on 34 Buys and one Hold. Amazon’s average price target of $170.29 implies 44.17% upside potential from current levels. The company is scheduled to release its Q3 results on October 27.
In contrast, AMZN stock has a negative signal from hedge fund managers, who sold 5.7 million shares during the last quarter.
