: Amazon’s stock heads toward longest monthly winning streak in 12 years

by | Aug 31, 2023 | Stock Market

Amazon.com Inc.’s shares are on track to notch their sixth month in a row of gains, which would make for their longest monthly winning streak in over 12 years. The last time Amazon’s stock
gained for six consecutive months was the period that ended in July 2011, according to Dow Jones Market Data.

Amazon shares are enjoying a nice pop to end the month, up 2.6% in Thursday morning action. They’re currently up 3.6% so far for the month. The e-commerce and cloud-computing giant kicked off the month with an upbeat earnings report that indicated a stabilization of its Amazon Web Services business. See more: The ‘stabilization’ of AWS may have been the most significant number for Amazon’s earnings “Investor questions now shift to how fast AWS growth can re-accelerate given commentary that new workload migration is ramping up (supported by healthy backlog growth) while optimization efforts are winding down,” Bernstein analysts led by Mark Moerdler wrote in a note to clients last week. The Bernstein team added that as concerns about AWS fade, “investors are increasingly paying attention to the retail business, which not only delivered healthy revenue growth, but also delivered impressive domestic operating margins.” If Amazon is able to deliver persistent margin expansion, the company “may well be on the cusp” of “long-awaited” inflections in operating income and free cash flow, they said. Amazon has gotten its share of love from Wall Street analysts this month, with Wedbush’s Scott Devitt naming the stock a “best idea” and Loop Research’s Rob Sanderson mapping out a path to a $200 price target. Shares were trading …

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