Amazon (NASDAQ:) was added to Wells Fargo’s Signature Picks list in a note Tuesday, with analysts reiterating an Overweight rating and $159 price target on the stock.
In its second-quarter preview note of the tech giant, Wells Fargo said that Amazon Web Services (AWS) expectations are rising ahead of the print.
“Buy-side AWS expectations rising ahead of print, believe 2Q:23 ‘bar’ is now in line w/Street +10% y/y growth vs. 8% two weeks ago. On July, AWS revenue growth now see buy-side expectation up 9-10% vs. prior 7-8%. Key is any constructive commentary on August, expected to comp the starting point for customer ‘optimizations,'” the analysts wrote.
“We have rising conviction in our call for revenue reacceleration within 3Q. Despite higher expectations, see commitment to acceleration as +VE catalyst for the stock.”
The analysts also told investors in the research note that the Amazon risk/reward is still favorable on the print.
After a 2% decline on Monday, Amazon shares are up 0.8% premarket Tuesday, trading around the $128.17 mark.
Discover behavioral finance strategies and pro tips to smarter investing. Elevate your financial decision-making today.
Explore the world of stock market anomalies and unlock their potential to boost your investment…
Discover expert tips on asset allocation strategies to maximize returns & minimize risks. Learn the…
Kaiser Permanente and labor unions reached a tentative agreement to resolve a contentious contract dispute…
Oct. 12, 2023 11:34 am ETAirlines have suspended flights into Israel en masse, leaving people…
Listen to article(2 minutes)In early 2019, an analyst asked Disney Chief Executive Bob Iger if…