Amazon Can Outperform With AWS And Ad Revenue Surge: Analyst
Portfolio Pulse from Anusuya Lahiri
Wedbush analyst Scott Devitt reiterated Amazon.com Inc (NASDAQ:AMZN) with an Outperform and a $180 price target. He expects Amazon's 3Q23 results to show increased retail margins and accelerated AWS growth. He also anticipates a surge in ad revenue, particularly from the recently introduced video ads on Prime Video, which could add $6.6 billion to $8.0 billion of annual revenue. Despite uncertainties related to AWS, Devitt believes investors may be overlooking the strength of the advertising business, which is on pace to reach $46 billion this year.
October 18, 2023 | 5:28 pm
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Wedbush analyst Scott Devitt reiterated Amazon with an Outperform rating and a $180 price target. He expects increased retail margins, accelerated AWS growth, and a surge in ad revenue, which could boost the company's stock.
The analyst's positive outlook on Amazon's retail margins, AWS growth, and ad revenue surge indicates potential for stock outperformance. The introduction of video ads on Prime Video, which could add significant annual revenue, is also a positive factor.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100