Jeff Bezos’s online retailing giant caught the headlines for the wrong reasons overnight, falling over -4.4%, making it the worst of the major tech names on our Watchlist. We aren’t reading too much into this pullback, believing it was more a function of this month’s strength, allowing “weak longs” the opportunity to lock in some profits. The company reported well in August, delivering double-digit revenue growth amidst its biggest earnings beat since the fourth quarter of 2020.
- We believe AMZN will offer excellent risk/reward in the $US120-125 area.
MM likes AMZN under $US125
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