TradingKey – Amazon (NASDAQ: AMZN) spiked 4.98% to finish at $262.45 on Monday, October 19. That’s from its close on Friday of $250. It is currently approximately 9% down from its August peak near $287.
Morgan Stanley naming Amazon its top pick of the stock and raising its price target to $350 from $335 was likely the biggest catalyst on Monday. According to my analysis, the stock is largely dependent on AWS and the next biggest catalyst will be Amazon’s Q3 Earnings Call on Thursday, October 29 at 5:00pm ET.
Why Morgan Stanley Turned More Bullish
Brian Nowak increased his two year annual growth rate forecast of AWS revenue to 47% for 2027 and 42% for 2028 from 41% and 37% respectively. The revision to his forecast was due to…
