Evercore Partners Adds Amazon.com (AMZN) to Conviction Buy List
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Price: $260.54 -0.8%
Rating Summary:
68 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
Rating Summary:
68 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
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Amazon.com (Nasdaq: AMZN) may be headed for a stronger open Monday following a new analyst call from Evercore Partners earlier. The firm added Amazon to its Conviction Buy List, moving its price target to $270, from $250 prior.
Evercore's Ken Sena likes Amazon Web Services (AWS). He notes that AWS ability to differentiate products, capture market share, and potential to delivery higher margins garners a stronger position for Amazon as a whole. Sena noted that AWS market share in virtual infrastructure grew from 29 percent to 34 percent, commenting. "A growing assortment of foundational infrastructure services at competitive pricing and continued traction up the “cloud stack” (e.g., through offering AWS O&O software tools and
its 3P developer marketplace) is helping fuel this trend."
AWS also has a leading infrastructure position in a growing market, with Sena noting, "The virtualized IT market is projected to top $100 bn in 5 years, including cloud-based business services. Given AWS’s early lead, developer marketplace, and largest marketplace customer, Amazon.com, we see opportunity beyond just infrastructure services, which this report explores."
On its price target, Sena said, "We see margin expansion as a function of continued third-party marketplace traction, continued market advances within AWS, and its nearing completion of its distribution center rollout."
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 $232.42 yesterday.
Evercore's Ken Sena likes Amazon Web Services (AWS). He notes that AWS ability to differentiate products, capture market share, and potential to delivery higher margins garners a stronger position for Amazon as a whole. Sena noted that AWS market share in virtual infrastructure grew from 29 percent to 34 percent, commenting. "A growing assortment of foundational infrastructure services at competitive pricing and continued traction up the “cloud stack” (e.g., through offering AWS O&O software tools and
its 3P developer marketplace) is helping fuel this trend."
AWS also has a leading infrastructure position in a growing market, with Sena noting, "The virtualized IT market is projected to top $100 bn in 5 years, including cloud-based business services. Given AWS’s early lead, developer marketplace, and largest marketplace customer, Amazon.com, we see opportunity beyond just infrastructure services, which this report explores."
On its price target, Sena said, "We see margin expansion as a function of continued third-party marketplace traction, continued market advances within AWS, and its nearing completion of its distribution center rollout."
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 $232.42 yesterday.
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