Amazon Stock Rated As Best Idea Of 2019 By Wall Street Analyst

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A Wall Street analyst on Tuesday rated Amazon.com ( AMZN ) as his "best idea" for 2019, setting a price target on Amazon stock about 37% above where it currently trades.Cowen analyst John Blackledge, in a research note to clients, said Amazon has "several drivers that should yield solid global revenue growth with rising margins the next several years.Blackledge also said the companys cloud-computing unit, Amazon Web Services, "should enjoy years of secular tailwinds.Amazon stock is down 20% since hitting a record high of 2,050.50 on Sept. 4, a day when the companys market valuation briefly topped $1 trillion.Amazon stock fell 8% on Oct. 26 after reporting third-quarter earnings that had its share of negative news.

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