Amazon

Wall Street Bullish on Amazon Delivering Strong Q2

Wall Street is predicting Amazon to deliver a strong Q2 performance, this year.

Wall Street is predicting that Amazon will deliver a strong Q2 performance this year.

Weighing in on Amazon search interest data collected from Google, Piper Jaffray analyst Gene Munster, who is ranked No. 6, put a $800 price tag on Amazon's share value, CNBC reported.

“According to our analysis of Google trends search data, Amazon’s unit growth should show almost no deceleration during the Jun-16 quarter. The growth of search interest QTD continued on at a rate of 27 percent vs. 27 percent in the Mar-16 quarter," Munster said.

"Over the past four quarters, our regression analysis has performed well leading us to estimates that are on average 2 percent under the actual unit growth. We note that over the past 32 quarters our principal component regression analysis has correlated 0.95 with Amazon reported unit growth,” he added.

Munster isn't the only analyst betting big on Amazon. Last week, analysts at William Blair, an investment and asset management firm, also projected that Amazon would deliver a strong Q2.

Despite aggressive competition from other tech giants like Google and Microsoft, Amazon is bound to deliver well with its significant feature depth, geographical footprint, and industry mindshare, said the analysts at William Blair, who put a $820 tag on Amazon's stock.

"We believe eCommerce sales will continue to account for a greater percentage of retail sales, driven by convenience and faster and less expensive delivery," they noted.

On Monday, Amazon's share value closed at $718.81 on NASDAQ.

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