Buy Amazon.com (AMZN) on Recent Pullback - BMO

BMO Capital maintains a Market Perform rating on Amazon.com (Nasdaq: AMZN), but believes the stock might be a buy following the recent pullback.

Technical analyst Russ Visch noted that the correction in Amazon stock could bring it back to or below its 200-DMA. The analyst also noted that tests of the trend line and generally one of the best points in which to buy a stock in a long-term uptrend.

Visch thinks that momentum in Amazon stock is turning positive and the stock could easily rally to $408 at some point this year. That would be a 26 premium to Thursday's close at $323.57.

BTIG recently highlighted Amazon has a high-beta name with improving momentum.

Shares of Amazon are up 1.4 percent.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• IBM (IBM) PT Lowered to $190 at BMO Capital
• Amazon is a more profitable company; Citi lifts price target