RBC RAISES PRICE TARGET OF AMAZON, STOCK RISES
Amazon’s stock is currently trading at 1785.75-higher by 0.60% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.24%. The stock has erased all of its earlier losses and turned positive after the opening bell.
Investment bank RBC Capital Markets raised its price target on the company’s stocks to $2,600 per share from $2,250. The investment bank, however, reiterated an outperform rating on stocks of Amazon. RBC’s price target represents an upside of about 46% from the current levels.
The investment bank sees the e-commerce giant’s stock rising around 50% in the coming year. RBC Capital Markets expects it due to rollout of the Amazon’s Prime One-day Shipping program in the U.S. over the next twelve months.
On the technical front, the RSI is currently at 44.70% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 1783 TAKE PROFIT AT 1793 STOP LOSS AT 1778