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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.
