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Amazon Stock: Morgan Stanley Lifts Target; Suggesting to Buy Despite the Recent Run

Amazon stock

Amazon (NASDAQ: AMZN) stock price soared to the highest level in history following bullish business reports in the past few weeks. Morgan Stanley group of analysts led by Michael Wilson added Amazon to its “fresh money buys” list. The firm is optimistic about future fundamentals and business growth trends.

Amazon stock soared close to 14 per cent in the last month to the record level of $2180. AMZN share price grew 31% in the last twelve months. The share price rally has pushed its valuation above the $1tl level, making it the world’s fourth-largest company. Morgan Stanley and other firms are presenting a bright outlook for AMZN share price.

AMZN Amazon.com, Inc. daily Stock Chart

Morgan Stanley Suggests to Buy Amazon Stock

Morgan Stanley analysts provided a price target of $2400 for Amazon share price. They highlighted several catalysts for share price upside momentum. “Amazon stock is likely to keep climbing, fueled by investments in Amazon’s one-day shipping that are accelerating share gains even faster than expected,” Morgan Stanley analysts say.

Morgan Stanley analysts believe the company’s strategy of investing in high margin areas has been boosting margins and earnings. The analysts say the underperformance in fiscal 2019 is mostly blamed on profitability. Amazon shares grew only 23 per cent in 2019 compared to the S&P 500 gain of 31 per cent.  “With that concern now fading for Amazon specifically, we think the catch up may have just begun,” Morgan Stanley analysts said.

Fourth Quarter Results Added to Sentiments

Amazon Stock: Morgan Stanley...

Amazon’s share price also received support from the fourth-quarter beat and a robust year over year growth in financial numbers. Its fourth-quarter revenue of $87.44bn topped estimates by $1.34bn; the revenue increased 20.80 per cent from the past year period. The company expects first-quarter revenue in the range of $73bn compared to the consensus of $71bn. The company had generated operating cash flow growth of 25 per cent in fiscal 2019. It expects high double-digit earnings and cash flow growth in fiscal 2020.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.