Wall Street analyst updates Amazon stock price after Q3 earnings

Core Insights - A Wall Street analyst has issued a bullish outlook on Amazon stock following strong momentum from its impressive third-quarter earnings [1] - Amazon's total revenue reached $180.17 billion, exceeding analyst estimates, with earnings per share at $1.95, surpassing the forecast of $1.57 [2] Financial Performance - Amazon Web Services (AWS) reported a 20% year-over-year revenue increase to $33 billion, contributing significantly to the overall operating profit [1] - The digital advertising segment grew by 24% to $17.7 billion, showcasing solid growth in this area [2] - Overall revenue growth for Amazon was 1% year-over-year, with EBIT up 9% when excluding one-time costs [5] Stock Performance and Analyst Ratings - AMZN stock closed at $244, reflecting a 9.5% increase following the earnings report [3] - Cantor Fitzgerald raised its price target for Amazon to $315 from $280, maintaining an 'Overweight' rating due to confidence in AWS and retail profitability [5] - The consensus rating for Amazon among 41 analysts is a Strong Buy, with no hold or sell recommendations [8] Future Outlook - Amazon's fourth-quarter guidance exceeded Wall Street forecasts for both revenue and earnings, indicating management's confidence in continued operational strength [6] - Analysts have set an average 12-month price target of $292.26 for Amazon, suggesting a potential upside of 19.67% from the recent close [9]