For the last 20-odd years now, tech stocks have often delivered some of the greatest volatility in the market and have even been directly connected to some of the biggest gains and declines. But Wedbush analyst Dan Ives looks for the sector to produce some big new gains, and not too far away now. He’s looking for Amazon (NASDAQ:AMZN) to produce big, among others, and Amazon is actually down slightly despite this news.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The next few weeks, Ives figures, will be an “eye-opener” for the market. And the third quarter earnings that tech stocks like Amazon will produce in that time will send the tech sector itself up somewhere between 12% and 15% as the year comes to a close. Ives grants that these are confusing times for investors, particularly with the bond market behaving like it is and the macro environment threatening to pull in most consumerism for the foreseeable future. But there’s likely a big earnings season coming, and Ives suggests investors get ready.
He looks for gains not only with online shopping giants like Amazon but with several other stocks as well. CrowdStrike (NASDAQ:CRWD) will also likely see gains, along with Alphabet (NASDAQ:GOOG) and Meta Platforms (NASDAQ:META). Ives ultimately looks for history to repeat itself and for tech to shine in the midst of “market nervousness.”
Is it Worth Having Amazon Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 40 Buys and one Hold assigned in the past three months, as indicated by the graphic below. Furthermore, the average AMZN price target of $176.18 per share implies 35.58% upside potential.
