Last week saw AMZN report better-than-expected 3rd quarter earnings, with revenue increasing +13%, illustrating the resilience of the US consumer. Understandably, the company was cautious with its 4th quarter forecast – for the 3rd quarter, EPS came in at 94c v 58c expected by LSEG while revenue of $US143.1bn beat estimates of $US141.4bn. We liked the result and can see follow-through on the upside by the stock into Christmas.
- We aren’t looking for Amazon to test its all-time high over the coming months, but the $US160 level looks a strong possibility, i.e. 20% higher.
MM is cautiously bullish on AMZN into Christmas
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