
Amazon.com Inc (NASDAQ:AMZN) shares are trading lower on Tuesday despite multiple positive catalysts, including a new partnership with FanDuel and a bullish analyst initiation from Mizuho.
What Happened: Lloyd Walmsley at Mizuho initiated coverage on the e-commerce giant on Tuesday with an Outperform rating and price target of $300, suggesting substantial potential gains from current levels.
Wall Street’s collective view has assigned Amazon an average price target of $263.32. The three most recent analyst updates from Mizuho, Telsey Advisory Group and Wells Fargo have an average target of $281.67, representing 28.67% upside.
Separately, Amazon revealed a collaboration making FanDuel the exclusive odds provider for NBA and WNBA content on Prime Video. The partnership will also feature real-time bet tracking capabilities designed to increase audience engagement and ad revenue.
Despite the positive analyst initiation and partnership news, Amazon stock is moving lower. The company is holding a launch event for new hardware devices on Tuesday, which may be impacting shares. Amazon announced new smart speakers, Kindles, TVs and cameras, and introduced its new AI-powered Alexa.
It’s also worth noting that Elon Musk recently posted on X that winning the AI race “was never in the set of possible outcomes for Anthropic,” which may be raising investor concerns. Amazon has invested approximately $8 billion in Anthropic to date.
How To Buy AMZN Stock
By now you're likely curious about how to participate in the market for Amazon – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
AMZN Price Action: Amazon shares are down by 1.33% at $219.05 at the time of publication on Tuesday, according to Benzinga Pro.
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