In other news, on June 24, Evercore and RBC reduced their expectations of AMZN despite being bullish overall on the stock. Evercore explained that a slowdown in consumer spending was evident and reduced their price target to $180 from the prior $205.
AMZN chart and analysis
Despite closing slightly below the 20-day Simple Moving Average (SMA) in the last session, the shares have formed a double bottom on the daily chart. This pattern often indicates a reversal of sentiment, which hasn’t been all that positive lately, indicating that we could potentially see some upside in the shares. Further, 36 out of 38 Tipranks analysts have a buy rating on the shares, giving them a rating consensus of a strong buy. Moreover, for the next 12 months, the average price prediction is for the shares to reach $177.89, 58.21% higher than the current trading price of $112.44. Meanwhile, it will be interesting to watch how other notable names expecting to split their shares this year fairs, like Tesla (NASDAQ: TSLA), which plans to have shareholders approve a stock split. So far, AMZN shares have not performed all that admirably, two weeks after the split, but there seem to be technical signals, which are indicating that they could change in the short term. Buy stocks now with Interactive Broker – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
