Susquehanna analyst Shyam Patil has raised Amazon’s price target from $4,000 to $5,200, according to MarketWatch. The analyst was also most bullish on Google-parent Alphabet after boosting the target by 50% from $2,000 to $3,000.
- Patil maintained a positive rating of Amazon stock, having posted record fourth-quarter results.
- The analyst’s new target on Amazon is 30.6% above the average target of the 48 analysts surveyed by FactSet of $3,982.03
- Amazon’s target price is also a 53.8% gain from Tuesday’s $3,380.00 closing price.
- Patil expects Amazon’s e-commerce, cloud, and advertising to emerge stronger coming out of the pandemic.
- Alphabet’s new target is 33.5% above the average target of 43 analysts surveyed by FactSet of $2,247.44
- Patil cited big acceleration in search and YouTube as key to the rating after a “nice beat” of fourth-quarter expectations.
- The analyst projects a pandemic recovery in travel to be a potential “tailwind” to Alphabet.
Amazon stock is currently declining as Alphabet gains. AMZN: NASDAQ is down 0.016% on premarket, GOOGL: NASDAQ closed up 7.28%
