MCH RAISES PRICE TARGET OF AMAZON; STOCK FALLS
Amazon’s stock is currently trading at 2,671-lower by 0.81% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.4%. The stock has erased all of its earlier gains and turned negative after the opening bell.
Brokerage firm Monness Crespi Hardt raised its 12-month price target on the company’s stocks to $3,500 per share from $2,800 a share. The brokerage firm, however, reiterated a Buy rating on stocks of the e-commerce giant. MCH’s price target represents an upside of about 30% from the stock’s previous closing price.
The brokerage firm sees the e-commerce giant hold the key capabilities, vast global infrastructure, and financial strength needed to support global commerce and position itself as a major beneficiary of the resulting accelerated digital transformation. Monness Crespi Hardt further said that the company’s last week’s announcement of buying Zoox was evidence of its continued investment into next-generation technology to expand its reach. In other news, the company announced earlier today that it was paying bonuses to all of its employees in the current month. Stocks of Amazon have rallied around 45% so far in 2020.
On the technical front, the RSI is currently at 60.09% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT SELL AT 2,678 TAKE PROFIT AT 2,658 STOP LOSS AT 2,688