Jefferies Names Amazon as Top Pick Among Magnificent 7 Ahead of Q2 Earnings
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- YahooFinance
Jefferies has identified Amazon as its top choice among the Magnificent 7 stocks as they approach Q2 earnings. The firm highlights Amazon's forward P/E ratio of 29, significantly lower than Tesla's 179, alongside a robust quarterly earnings growth of 74.8% year-over-year, compared to Apple's 21.8% and Tesla's 8.3%.
This recommendation is crucial for retirement investors evaluating long-term portfolio options. Amazon's AWS is projected to grow by 32% in Q2, and survey data indicates that 54% of Prime members increased their spending by over 10% year-over-year. The company's backlog for AWS performance obligations is nearing $500 billion, showcasing its strong growth potential.
Looking ahead, Amazon's upcoming earnings report on July 30 is anticipated to reflect its competitive edge, with analysts projecting a share price around $256. No further timeline was disclosed at the time of publication.
Original report
The Top Mag 7 Stock Headed Into Q2 Earnings: Jefferies Says Buy Amazon Over Tesla or Apple
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