Stock Market Today, Nov. 2: Amazon Rallies on Phillip Securities Buy Upgrade and $330 Target

Amazon (AMZN) shares surged on November 2, 2022, following Phillip Securities' upgrade to a "buy" rating and a price target of $330 per share. The stock closed at $245.63, marking a 2.20% increase. Investors are closely monitoring demand for Amazon Web Services (AWS) and AI spending. Trading volume reached 57.7 million shares, which is approximately 51% higher than its three-month average of 38.3 million shares.

Amazon, an e-commerce, cloud infrastructure, and digital advertising company, was founded in 1997 and has experienced a remarkable 250,755% growth since going public. In comparison, the S&P 500 (^GSPC) closed at 7,542, down 0.50%, and the Nasdaq Composite (^IXIC) finished at 25,164, down 1.07%.

While internet retail, digital advertising, and logistics services peers showed mixed retail performance, Walmart (WMT) closed at $127.69, up 3.38%, and Costco Wholesale (COST) closed at $1,040.55, up 2.79%. Amazon regained positive momentum after a dip following its earnings report the previous week. Analyst Helena Wang of Phillip Securities praised the strength of AWS, which saw a 39% year-over-year increase to $46 billion, its fastest growth rate in nearly five years.

Operating income surged 61% amid a growing backlog. Wang raised her rating on the stock after boosting fiscal 2027 revenue estimates and increased the price target by $10 to $330 per share.