Wall Street rates Amazon (AMZN) a ‘strong buy’ as firm plans over 70 renewable energy projects

Amazon (NASDAQ: AMZN) is looking to expand its renewable energy projects to target 50,000 gigawatt-hours (GWh) of green energy, an amount that can power 4.6 million US homes annually. 

The 71 new renewable projects will be spread across the globe, including the first renewable project in South America, a solar farm in Brazil. Further, solar farms in India and Poland will be built.

Adam Selipsky, CEO of Amazon Web Services, commented on the goal of reaching 100% renewable energy across the entire business. 

“We are bringing new wind and solar projects online to power our offices, fulfillment centers, data centers, and stores, which collectively serve millions of customers globally, and we are on a path to reach 100% renewable energy across our entire business by 2025.”

AMZN chart and analysis 

The short-term trend for AMZN is negative, as is the long-term trend, while the stock traded from $120.70 to $137.83 over the past month, staying below all moving averages. 

Furthermore, technical analysis indicates a support line at $122.18 and a resistance zone from $127.89 to $129.67 for those looking to make an entry.  

TipRanks analysts rate the shares a ‘strong buy,’ with the average price in the next 12 months reaching $177.05, 44.90% higher than the current trading price of $122.19. Out of the 38 TipRanks analysts 37 have a buy rating and only one a hold rating, despite the long-term trend.

Achievable goal

At the moment, the firm has 379 renewable projects across 21 countries, including 154 wind and solar farms, supplemented with 225 rooftop solar projects, creating a total of 18.5 GW of renewable energy. 

So far, Amazon has managed to reach 85% renewable energy across its businesses; therefore, the goal of 100% renewables by 2025 seems plausible. 

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