Amazon Stock: New Budget Brand Launches Amid Market Fluctuations

Amazon has unveiled its latest strategic move in the competitive retail landscape with the introduction of "Amazon Saver," a new private-label food brand aimed at budget-conscious consumers. This initiative comes as the e-commerce giant seeks to bolster its market position during times of economic uncertainty. The product line, featuring items priced predominantly under $5, with additional discounts for Prime members, represents Amazon's response to similar low-cost offerings from rivals like Target and Walmart.

Stock Performance and Analyst Outlook

Despite the launch of this cost-effective brand, Amazon's stock experienced a slight dip on the NASDAQ, falling 0.7% to $192.63. However, analysts remain optimistic about the company's prospects, projecting an average price target of $224.29. The recent quarterly results showcased impressive growth, with earnings per share reaching $1.29, up from $0.66 in the previous year, and revenue climbing 10.12% to $147.98 billion. While the stock currently trades 62.76% above its 52-week low from October 2023, experts anticipate further gains, forecasting earnings per share of $4.74 for the full year 2024.