Amazon (NASDAQ:AMZN) stock slipped below $100 in after-hours (down 12.73%) on Thursday. 

The slump followed disappointment on multiple fronts, including weaker-than-expected Q3 revenues, the slowdown in the cloud business, and lower-than-expected Q4 guidance.

The slump followed disappointment on multiple fronts, including weaker-than-expected Q3 revenues, the slowdown in the cloud business, and lower-than-expected Q4 guidance.

 However, this decline presents an excellent buying opportunity.

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Apart from its attractive valuation, AMZN’s leadership position in e-commerce and cloud clouding makes it a solid long-term investment.

Despite the pullback in near-term demand for AWS (Amazon Web Services – its cloud business), the long-term prospects of the segment remain strong.

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Is Amazon Share a Good Buy Now? The pullback in Amazon’s shares and its solid fundamentals keep analysts bullish. AMZN stock has received 30 Buy and one Hold recommendations for a Strong Buy consensus rating

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Further, its average price target of $169.32 implies 52.6% upside potential.

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Amazon, genuinely, is a solid lengthy-term inventory. However, macro and currency headwinds should stay a drag within the quick term. 

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Given the fast-term demanding situations, AMZN inventory has a Neutral Smart Score of 7 out of 10 on TipRanks.

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