Amazon (NASDAQ:AMZN) has had a highly successful Black Friday and Cyber Monday, solidifying its position as a juggernaut in multiple market sectors. Despite critics claiming that AMZN stock is overpriced, we give it a confident “A” grade. In addition to its e-commerce business, Amazon has financial interests in cloud computing, grocery delivery, healthcare, and even a project in space.
Amazon has proven that a winner can keep on winning, and its strong earnings performance throughout the year justifies its powerful momentum. The company continues to benefit from the strong American consumer, with its extended Black Friday and Cyber Monday holiday shopping event being the biggest ever compared to previous years.
But Amazon’s ambitions don’t stop on Earth. The company is expanding its plans to launch internet-from-space satellites through Project Kuiper. Amazon has recently struck a deal with SpaceX, and starting in mid-2025, SpaceX will launch three Falcon 9 rockets on behalf of Amazon. Early customer pilots are expected to be deployed in the second half of 2024.
Amazon’s influence extends beyond borders and into space as it strives to conquer yet another future-facing market segment. Despite its powerful rally in 2023, AMZN stock still earns an “A” grade and is likely to continue running higher in 2024.
Disclaimer: Neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held any positions in the securities mentioned in this article.
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