This 'Everything Stock' Is The Clear Favorite Among Wall Street Analysts For 2024

Amazon.com, Inc AMZN is getting a lot of attention in the first week of 2024 as numerous analysts have named the e-commerce giant a top pick for the year. 

What To Know: On Wednesday alone, five different analyst firms named Amazon their top pick for 2024, according to CNBC. 

Here's a look at all of the analyst firms that have selected Amazon as their best bet for the new year:

• Goldman Sachs, Wells Fargo, BofA, Citi, Evercore, Berstein, Roth MKM, Baird, RBC Capital, Telsey, Wedbush, Rosenblatt, Needham, Wolfe Research, Raymond James, Canaccord Genuity, Satori Fund, Piper Sandler and D.A. Davidson. 

Thursday on CNBC's "Squawk On The Street," CNBC business and technology reporter Kate Rooney provided some insights as to why so many firms were naming Amazon their highest-conviction play for 2024.

One of the consistent drivers of analyst optimism was the reaccelerating Amazon Web Services (AWS) growth on the back of increased cloud spending and stabilizing cloud revenue, Rooney said. 

Another common theme among analysts was that Amazon's AI exposure is underappreciated. Several analysts argued Amazon was one of the best-positioned companies to influence the next commercialization phase of AI, according to Rooney.

Lastly, several analysts also highlighted Amazon's operating efficiency, which should help improve gross margins, as well as the advertising opportunity ahead, which could meaningfully contribute to top-line growth in 2024, Rooney said.

Wedbush called Amazon the "everything stock" this week and Satori Fund suggested Amazon could even act as a defensive play in portfolios as the company tends to gain market share during recessions.

Read Next: Threat For Amazon? TikTok Planning Massive US E-Commerce Expansion With $17.5B Revenue Goal: Report

AMZN Price Action: Amazon shares are up approximately 75% over the last year. The stock was trading down 2.15% at $145.28 Thursday afternoon, according to Benzinga Pro.

Photo: Courtesy of Amazon.