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Bernstein raises target on new Top Pick Amazon
Bernstein raises target on new Top Pick Amazon By Investing.com
Breaking News
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Senad KaraahmetovicStock Markets
Published May 31, 2023 09:40AM ET
(C) Reuters. Bernstein raises target on new Top Pick Amazon (AMZN)
Bernstein analysts boosted Amazon’s (NASDAQ:AMZN) price target to $140 per share from the prior $125 and moved the stock to Top Pick.
They highlighted that Amazon’s story is one of untapped potential as the stock has given back all pandemic gains. Overall, the AMZN stock continues to lag the S&P 500 over a 5-year period.
The analysts highlight that Amazon offers an “appealing near-term setup” as AWS will likely bottom at the same time when retail margins inflect upward. Moreover, Amazon is seen as a “quality, long-term growth” story.
Bernstein’s comments come a week after Mizuho also raised the price target on Amazon and moved the stock to Top Pick status.
“Case studies show that AWS wins over clients on intelligence privacy and data security. Furthermore, Gen-AI is priced meaningfully higher than conventional computing, so it is both revenue and margin accretive. Due to strong demand, AWS clients are shifting their savings from optimization to Gen-AI,” analysts said in a client note.
Amazon shares trade 0.4% lower today.
Bernstein raises target on new Top Pick Amazon
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