Why Amazon Stock Popped on Wednesday
Shares of Amazon (NASDAQ: AMZN) climbed higher on Tuesday, adding as much as 4.5%. As of 2:10 p.m. ET, the stock was up 4.1%.
There were a couple of catalysts that sent the e-commerce titan higher. One was a bullish take from a Wall Street analyst; the other was the unexpected gain on one of its investments.
Analysts at Bank of America said that Amazon remains their top pick among large-cap and FAANG stocks in 2024, according to online investment publication The Fly. The analysts maintained their buy rating on the stock while raising their price target to $220, up from $210. This suggests potential gains for investors of 18%, compared to Tuesday's closing price.
Source Fool.com
