Amazon stock (AMZN), which closed at $93.95 Nov. 28, 2022 and is down 47% over the past year, is poised for a 50% comeback next year, Kiplinger’s reports.

Of 52 analysts that issue opinions on AMZN for S&P Global Market Intelligence, 34 call it a Strong Buy, 15 mark it as a Buy, two say Hold and one brands it a Sell.

That comes out to a Strong Buy consensus, which is a rare honor on Wall Street, currently held by a mere 24 stocks.

What do analysts like about Amazon? Plenty.

E-commerce and cloud computing, of which Amazon is a leader, are poised for further secular growth, says J.P. Morgan Analyst Doug Anmuth in a recent client note. In fact, Anmuth went so far as to call Amazon one of J.P. Morgan’s best ideas for 2023, giving it a price target of $145.

J.P. Morgan analysts expect Amazon to expand its operating profit margin to 4.2% in 2023, up from 2.4% this year.

Second, years of Amazon capital investment in its fulfillment capacity are about to pay off and its cloud computing Amazon Web Services continues to grow at a fast pace.

Third, its advertising business revenue is on the upswing, and fourth, it has been on a cost-cutting binge that can only help profits.

Finally, Amazon stock is nearing an attractive valuation.

“Amazon likely faces a few challenging quarters, but continues to have a strong portfolio of assets,” says Argus Research Analyst Jim Kelleher, who rates AMZN a Buy. “We believe that the lagging performance provides an opportunity to establish or dollar-cost-average into positions in AMZN stock, which remains the undisputed category leader.”

As Kiplinger’s concludes, “Paying 30 times expected earnings might not sound like a bargain—but then, few companies are forecast to generate average annual earnings per share (EPS) of more than 30% over the next three to five years. Amazon is.”