Amazon stock price prediction: What's in store for AMZN after the launch of the new service?
Amazon stock price prediction: What's in store for AMZN after the launch of the new service?
Amazon recently unveiled its new Supply Chain by Amazon service, which is intended to help sellers throughout the supply chain process.
With this service, Amazon will pick up products from manufacturing facilities around the world, ship them, handle all customs issues, store them, and deliver them to customers. All of this will allow the company's retail partners to focus on developing their core business and reduce costs.
Wedbush analysts believe that the new service will allow Amazon to make impressive strides in development and improve the company's economic growth indicators. In addition, they believe AMZN stock still has a lot of upside potential.
Amazon reiterated its "outperform" rating last week, with a 12-month price target reflecting an upside of more than 30%.
Wall Street analysts who recommend buying Amazon stock also agree with Wedbush. According to them, the average price target for AMZN stock is nearly 25% higher than the current price.
Currently, AMZN stock is down 0.79% and is trading at $137.6.
It is worth noting that the financial experts at Motley Fool Stock Advisor released a list of the 10 best stocks to invest in soon, and AMZN was not among them.
On Tuesday, Amazon shares closed $8.23 below their 52-week high of $145.86, which the company reached on September 14.
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