Rapid AWS Expansion and Increased Cloud Spending Signals Strong Outlook for Amazon: Analyst
Portfolio Pulse from Anusuya Lahiri
Mizuho analyst James Lee has reiterated a Buy rating on Amazon.com, Inc (NASDAQ:AMZN) with a price target of $230, citing rapid AWS expansion and increased cloud spending. Key findings from a quarterly survey with an AWS channel partner indicate an accelerated sales cycle, a significant shift towards infrastructure expenditure, and an expectation for a 20% year-over-year increase in AWS spending. These developments suggest a strong outlook for Amazon, leading Lee to reiterate Amazon as his top pick.
April 05, 2024 | 5:32 pm
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Mizuho analyst James Lee reiterates a Buy rating on Amazon with a $230 price target, highlighting rapid AWS expansion and increased cloud spending as key growth drivers.
The reiteration of a Buy rating and a high price target by a reputable analyst based on positive AWS growth indicators such as accelerated sales cycles, increased infrastructure spending, and a forecasted 20% year-over-year AWS spending growth, strongly suggests a positive short-term impact on Amazon's stock price. The analyst's confidence in AWS's revenue growth accelerating into fiscal 2024 further supports this outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100