Posted 1/2/2024, 10:45:18 PM
Amazon Stock Dips Despite Strong Expected Earnings Growth
- Amazon (AMZN) stock fell 1.32% in recent trading, underperforming the S&P 500 and Nasdaq
- Amazon is expected to report strong earnings growth of 276% and revenue growth of 11% in upcoming quarterly results
- Recent upward estimate revisions for Amazon earnings reflect analysts' positivity towards the company's business
- With a Zacks Rank of #2 (Buy), Amazon is well-positioned in the top 30% of Zacks-ranked industries
- Amazon trades at a premium valuation compared to industry averages, with a Forward P/E of 42x and PEG ratio of 1.48x