- Business Insider assembled a panel of hundreds of young investors who volunteered to share their views about the markets. This is a self-selected group of people under the age of 35 who have a brokerage account.
- The majority of participating millennial investors picked Amazon as the single FAANG stock they’d want to hold over the next decade.
- The e-commerce giant’s stock sits just below record highs, having recently surged on a strong earnings beat.
- Numerous analysts boosted their price target for Amazon shares through the end of July, praising Amazon’s strong positioning in online retail as the pandemic rages on.
- Google-parent Alphabet was favoured by roughly 27% of the more than 460 respondents.Facebook was the least favoured, garnering only 2% of the vote.
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Young investors like Amazon more than other tech mega-caps, and it’s not even close.
Of the more than 460 millennial participants in a Business Insider panel, roughly 51% picked the e-commerce titan as the FAANG stock they’d most want to hold over the next ten years. Google-parent Alphabet came in a distant second with 27% of the vote.
The results come from a panel of hundreds of young investors that volunteered to share their views on the markets. This is a self-selected group of people under the age of 35 who have a brokerage account.
Amazon shares are fresh off record highs, most recently rallying through the end of July after beating analyst expectations for quarterly revenue and profit. Sales for the period surged 40% year-over-year to $US88.9 billion as quarantine activity boosted online shopping. Net profit doubled to a record $US5.2 billion.
The company’s strong earnings were largely driven by sales of more profitable products and shipments of more units, according to Chief Financial Officer Brian Olsavsky. Amazon-branded items grew 57% over the quarter and online sales increased 49%, both more than tripling their year-over-year growth.
Going beyond recent results, Wall Street analysts share millennials’ long-term enthusiasm around Amazon. Bank of America raised its price target on the stock to $US3,560, from $US3,280, following the earnings beat, praising the firm’s strong positioning in online retail and cloud software through the coronavirus pandemic. The firm maintains a “buy” rating for the stock.
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Amazon closed at $US3,138.83 on Tuesday, up roughly 70% year-to-date.
Apple took third place in millennial investors’ rankings with 15% of respondents picking the iPhone-maker as their FAANG stock for the 2020s.
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