Wall Street is highly bullish on Amazon (NASDAQ: AMZN) stock right now. Heading into the company's huge Prime Day promotion, shares are up 50% in 2023, compared to just a 10% increase in the S&P 500.

There are some good reasons for this rally, including Amazon's strong positioning in attractive global markets like e-commerce and cloud computing. On the other hand, the company hasn't been impressing investors with strong profits in recent years.

Yet, the good outweighs the bad with this growth stock right now. Here are three reasons why.

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Source Fool.com