Amazon.com Inc (NASDAQ: AMZN) is reporting its financial results for the first quarter today, after the bell. Ahead of earnings, the stock is up roughly 5.0%.
Why David Wagner likes Amazon stock
While much will depend on the numbers, Aptus Capital Advisors’ David Wagner says there’s reason to believe the stock will do well in general. On CNBC’s “The Exchange”, he noted:
What we like about Amazon stock here at Aptus is that when they are in harvest mode, the stock does well. When they’re in investment mode, it does a little bit more poorly. Right now, for the first time in a long time, they’re in harvest mode.
The Street consensus on AMZN at present is “buy” with an average price target of $4,059 that represents a 40% upside from here.
Delano Saporu also remains positive on Amazon
Amazon is likely to report a hit to its core retail segment in Q1, considering the macroeconomic headwinds. Investors, therefore, would be interested in finding out to what extent its other, higher margin businesses like “Cloud” and “Advertising” helped offset that weakness.
Also on Thursday, New Street Advisors’ Delano Saporu picked Amazon in CNBC’s 2022 Stock Draft and said:
I actually like their retail business. I think consumers are going to be spending more. Then there’s the cloud business that’s obviously been growing well. And, they have raised membership price for Prime. So, I think that’s another potential tailwind for Amazon.
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