The e-commerce giant Amazon (NASDAQ: AMZN) has been offering impressive stock market performance throughout 2023. This year, the growth was largely driven by the strength of its AWS business, as well as by some strategic moves into the artificial intelligence (AI) sector that rose to take center stage late last year with the launch of OpenAI’s flagship platform – ChatGPT.
Amazon’s third-quarter earnings report, published in late October, impressed investors and sent its shares to a 1.5-year high by late November, solidifying its position as one of the strongest stocks in the S&P 500 index.
Now, Amazon is likely to impress again, given that shoppers are likely to go on a holiday spree as Christmas and New Year are fast approaching. Under these circumstances, Finbold decided to consult the predictive AI algorithms of CoinCodex to try and figure out where the e-commerce giant’s stock might stand on Christmas Day.
AI sets AMZN price for Xmas
The predictive algorithms set the price of Amazon on Christmas Day at $149.89 – meaning that the artificial intelligence estimates that the e-commerce giant will experience a modest decline over the coming 7 days despite the likely surge in commercial activity for the company.
Still, the platform considers the sentiment surrounding Amazon as bullish, though it notes that, as far as the “Fear & Greed index,” the e-commerce giant ranks under fear.
In terms of Amazon machine learning estimates for Amazon for the next 30 days, CoinCodex’s algorithms forecast some volatility and an overall stagnation that is to be broken only in mid-January – and even then, only slightly.
Still, there exists a broader bullish consensus for Amazon – both with artificial intelligence platforms and with Wall Street analysts. For example, AMZN is considered a buy by all experts taken into consideration by TipRanks. The highest 12-month predictions for the company go as high as $210 per share, while the average is $177.68 – a 16% upside compared to the time of publication.
AMZN price analysis
No matter how Amazon’s stock might fare over the next 7 days and beyond, it is evident that the company has been going strong throughout 2023. Since January 1, 2023, AMZN is up a total of 77.41%. Nearly every other timeframe investors may want to select in 2023 tells a similar story.
In the last 30 days, the e-commerce company is up 4.19%; in the last 7 days, it is 4.69% in the green. AMZN also opened Monday trading strong and is, at the time of publication, up 0.91% at $151.34.
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Source: https://finbold.com/ai-predicts-amazon-price-on-xmas-day/