Amazon (NASDAQ: AMZN) is one of the biggest moments of earnings season so far. After the company published its results for the third quarter, the company’s share price increased by over 10%.

Wall Street analysts believe it may continue to grow. Here are some fresh price targets for Big Tech stocks.

Good results for the third quarter

Amazon’s third-quarter results were robust and much better than expected. Revenue rose 13% year-over-year to $180.2 billion in the quarter. Analysts expected $177.8 billion.

Earnings per share were $1.95. This represented a 36% enhance and was well ahead of the consensus forecast of $1.57.

What really got investors excited was the reacceleration of cloud computing (AWS). Here the enhance was 20% – the highest since 2022 (analysts expected 18%).

True, it was not as high as the growth level Microsoft (39%) i Alphabet (34%) generated in the cloud. Amazon is a larger company, so it’s unlikely it will grow that quickly.

Another vital development was digital advertising revenues (where Amazon is today the third largest player in the world). This value increased by 24% to approximately $17.7 billion.

New price targets

Since the third quarter results, Wall Street analysts have been trying to raise their price targets for the stock. Many of them have set $300 as a medium-term goal.

Some of the companies that have achieved a price of $300 (or more) include: BarclaysBernstein, BMO, Bofa Global Research, Canaccord Genuity, CitigroupCitizens, Attorney Davidson, JP Morgan, Morgan StanleySusquehanna, T. D. Cowen, UBSand Wedbush. So the consensus is that $300 is achievable.

It should be noted that this figure represents an enhance of approximately 17%. This would be a good outcome for large-cap stocks over the medium term, but of course there is no guarantee this will happen.

Is it worth visiting today?

Is this stock worth considering given the positive analyst sentiment? I think so.

From my point of view, it is almost certain that this company will become much bigger in the coming years. Not only does it have a rapidly growing cloud computing division (which just announced a partnership with OpenAI), but it also has online shopping, its own high-power computer chips, digital advertising, autonomous cars and space satellite operations.

As for pricing, it’s not far-fetched these days if you ask me. Looking at analyst forecasts for next year’s earnings (which may be upgraded in the coming weeks after robust Q3 results), the forward-looking price-to-earnings (P/E) ratio is 31.

This may not be a bargain price. But I don’t think that’s unreasonable for a diversified technology company that has rewarded investors with returns of more than 20% annually over the past few decades.

Of course, there are many dangers here. These include a slowdown in online shopping due to consumer weakness, cloud computing competition, and digital advertising disruptions (e.g., consumers ordering goods directly from ChatGPT).

Overall, though, I like the risk/reward proposition at current prices. In my opinion, this stock could be a great stock to consider (it is for me).