BNP Paribas maintained an Outperform rating on Amazon with a $345 price target on July 10. Positive Q2 earnings expectations are building for the company based on its current strong business narrative. While Amazon's stock has risen approximately 8% year-to-date as of July 17, it continues to lag behind many of its large-cap peers.
Bank of America boosted its Amazon revenue forecast to $198.8 billion, citing faster-than-expected acceleration in its AWS cloud division.
Read the full storyAmazon shares have gained only 8% year-to-date, underperforming tech peers as investor enthusiasm for hyperscale cloud providers cools ahead of Q2 results.
Analysts anticipate hyperscalers will outperform semiconductor firms as business narratives remain strong ahead of Q2 results.
BNP Paribas maintains an Outperform rating on Amazon, highlighting attractive valuations and positive technical trends ahead of the company's Q2 fiscal results.