have had a funny kind of a year. After a strong rally through April, the stock saw some considerable volatility over the summer. Now, while it's back trading at April's levels, despite hitting an all time high in July, it has been rallying since August. Amazon shares are up nearly 25% since then, and, as they head into next week's earnings report, are just 8% away from their all-time high at $200.
Amazon's profitability has also gone from strength to strength, with August's report marking its highest EPS in three years. Next week's earnings look set to continue this momentum, with the potential for a record revenue print that could top last year's $170 billion.Beyond the strength of Amazon's fundamental performance which underpins everything, many analysts have come out bullish on Amazon's stock, and almost all are calling for significant upside in its shares.
The main recurring theme from the various updates on the stock is that Amazon's recent underperformance against the broader market has created a golden entry opportunity. There's a sense that ahead of next week's report, the risk/reward profile is almost too good to be true. Take JMP Securities' price target of $265, for example, which is pointing to a targeted upside of more than 40% from current levels.
With Amazon's RSI closer to the latter figure, you can't help but feel we could be looking at the mother of all entry opportunities. While there's always a risk associated with buying into a stock ahead of its earnings report, it would take a monumental surprise to counter the overwhelmingly bullish momentum and outlook surrounding the stock right now.
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