Amazon (AMZN) PT Bumped to $435 at Cowen Following AWS Survey

Cowen analyst John Blackledge bumped his price target on Amazon.com (NASDAQ: AMZN) to $435.00 (from $370.00) following a survey showing AWS to gain share in 2015/2016.

The analyst said AWS was highest-rated service and is gaining market share. "Across several key criteria, AWS was the highest-rated Public Cloud vendor as AWS ranked #1 in share of budget, avg. annual spend and expected spending growth and was a close #2 in overall usage (to Azure)," Blackledge commented. "Respondents spent $124K (on avg.) with AWS in 2014, slightly above Azure (bolstered by higher enterprise spending) and more than double Google Cloud Platform and IBM Soft Layer. AWS existing customer spend is expected to increase 43% y/y in '15 and 21% in '16, the highest spending growth among Public Cloud providers, driving market share gains, while other vendor’s market share is expected to stay basically flat."

The firm is raising AWS estimates '15-'20, and now estimate 2015 revenue of $7.1BN, up 52% y/y (vs. +48% y/y prior) and Adj Op Inc of $1.25BN, up 89% y/y (vs. +22% y/y prior).

For an analyst ratings summary and ratings history on Amazon.com click here. For more ratings news on Amazon.com click here.

Shares of Amazon.com closed at $436.04 yesterday.

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