Amazon's Earnings Report Could Push the Stock Even Higher

Amazon's (AMZN) upcoming earnings report could send the high-flying stock even higher. Using a price to sales metric, Amazon stock looks like a 'bargain' according to Tuna Amobi, equity analyst at S&P Capital IQ, who has a 12-month price target of $650 a share. Amobi is expecting Amazon's revenue to fall somewhere in between the company's guidance of 13% to 24% growth, even after some significant headwinds from the stronger U.S. dollar. Amobi said some of the earnings reports highlights will be updates on Amazon Web Services and Amazon Prime Video. Amobi said Amazon looks wells positioned heading into the holiday shopping season. 'They announced they were going to add an additional one hundred thousand people to ramp up for the holiday,' said Amobi.'That's up 25% from a year ago.' He expects volumes to be up 'significantly' during the period.