Amazon passes $3,000 for first time ahead of earnings (NASDAQ:AMZN)
As Amazon (AMZN ) shares passed $3,000 for the first time, Laffer Tengler Investments chief investment officer Nancy Tengler sees the "super-fast sales growth" supporting the price at these levels.
Tengler tells CNBC that Amazon's key catalysts are margins, compressed since the growth comes from low-margin spaces, and AWS "redoubling their efforts in trying to acquire military contracts.
Piper Sandler analyst Craig Johnson thinks that "when the next earnings season starts, this is a stock where these analysts, which primarily are all bullish, are going to have to be raising their price objectives."
Johnson says $3,400-3,500 "seems like a price objective of where the stock could ultimately go to."
Amazon is expected to report earnings on July 25. Consensus estimates see $80.52B in revenue and $1.52 EPS.
AMZN has a Very Bullish average Wall St. Analysts rating and a $2,815.61 average price target.
