Amazon stock forecast: AMZN demonstrate an uptrend
Amazon stock forecast: AMZN demonstrate an uptrend
Amazon stock continues to trend higher amid news that the company is launching a new logistics service that will manage the delivery of goods from factories directly to customers.
The company announced the new service, Supply Chain by Amazon, on Tuesday ahead of its annual seller conference. The solution is an enhanced version of the Fulfillment by Amazon service, through which Amazon stores, packages, and ships goods for third-party sellers who use its platform.
AMZN stock is currently up 2.77% at $144.86.
Many analysts have pointed to the company's rapid fulfillment network capabilities as a reason why the stock may be undervalued.
"Amazon is well positioned to expand the availability of its services to non-company-owned multichannel sellers," said Scott Devitt of Wedbush.
It's worth noting that news that Amazon had previously partnered with Shopify also supported the stock's rise. The partnership allowed sellers on Shopify to offer Amazon's Buy with Prime option to their clients.
According to the latest 12-month estimates, AMZN stock has a median target price of $175.00, with a high estimate of $230.00 and a low estimate of $138.00. The median estimate represents an increase of +20.81% from the last price of $144.86.
Read also: XRP prepares to break the $0.50 mark.
