What's Going On With Amazon Stock?

Amazon.com, Inc. AMZN shares are trading higher Tuesday after the company announced the expansion of its collaboration with Intel Corp. INTC on Monday. 

What To Know:

After Monday's closing bell, Amazon announced the expansion of its collaboration with Intel Corp. INTC to produce an AI fabric chip for AWS on Intel 18A and a custom Xeon 6 chip on Intel 3. AWS and Intel have a more than 18-year relationship and said the companies also intend to explore the potential for further designs to be produced by Intel based on Intel 18A and future process nodes including Intel 18AP and Intel 14A.

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What Else: Amazon's Prime Big Deal Days, the company's pre-holiday savings event, will return on Oct. 8  and Oct. 9  to kick off the holiday season. “We’re gearing up for another exciting holiday shopping season, filled with unbeatable deals on beloved brands, seasonal products, and popular gifts available exclusively for Prime members,” says Vice President of Prime Worldwide, Jamil Ghani. 

According to data from Benzinga Pro, Amazon's stock is trading above its 50-day moving average of $179.64 and near its 52-week high of $201.20. 

AMZN Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Amazon.com have an average 1-year price target of $224.15, representing an expected upside of 18.86%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Amazon.com, while 39 analysts have bullish ratings. The street high price target from JMP Securities is $265, while the street low from Benchmark is $200.

AMZN Price Action: According to Benzinga Pro, Amazon shares are up 1.90% at $188.40 at the time of publication Tuesday. 

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