Starting with Stocks: Not a Comeback Story
Amazon, parent company of AWS, started 2023 with stock prices a far cry from its 52-week high of $171.40. On Jan. 4, the company was trading around $84, hovering a bit close to its 52-week low of $81.69.
As financial analyst firm Elliot Wave International noted this week, Amazon stood out as 2022’s second worst-performing tech stock, “erasing $600 billion in revenue and its entire pandemic gains to land at its lowest level since March 2019. … Amazon wasn’t supposed to end 2022 a comedown story; but rather a comeback one.”
That didn’t happen. Nor does it appear Amazon share prices will bounce back right away. In fact, Elliot Wave predicts Amazon stock will slide closer to the $80 mark in the first quarter of 2023.
The Motley Fool writer Joe Tenebruso sees a little more basis for optimism. Even though investors continue to focus on Amazon’s cautions that near-term growth for AWS could slow due to a recession, “any reacceleration in AWS’s growth rates could ignite a powerful rally in its stock price. And based on the rising long-term demand for cloud services, it’s likely only a matter of time before this occurs,” Tenebruso notes.
