Amazon continues hot streak as analysts eye AWS event in the fall as a potential catalyst
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Amazon (NASDAQ:AMZN) continued to trek higher on Thursday with a 1.8% rise that put its year-to-date gain to over 60%. The e-commerce stock is set to close higher for the month of August to mark its sixth straight positive month, which is reported to be the longest monthly winning streak since 2011. AMZN trades above its 100-day and 200-day moving averages.
Earlier on Thursday, Amazon (AZN) turned some heads in the e-commerce sector after striking a deal with Shopify (SHOP) that will allow integration on the checkout page for Shopify (SHOP) merchants.
Looking ahead, Amazon (AMZN) has a couple of potential catalysts ahead of interest, with a second Prime Day scheduled for sometime in the fall and an AWS re:Invent event scheduled for November 27. Morgan Stanley thinks AWS re:Invent provides an opportunity for the company to create some buzz by unveiling new GenAI capabilities/services, providing greater clarity into AWS' AI strategy, and unveiling Agentic AI capabilities. The firm also expect AWS executives to discuss new and expanded partnerships across the AI tech stack, and new/emerging domain specific AI-powered AWS tools set to drive future growth.
On Seeking Alpha, analyst Gytis Zizys recently pointed to the attractive risk-reward profile on Amazon (AMZN). He said the Seattle company's high investments back into itself are starting to pay off handsomely.

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