Close (AMZN) Mentioned Positively at Citi, Top Pick

November 29, 2023 7:57 AM EST
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Price: $179.54 +1.30%

Rating Summary:
    65 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 11 | New: 13
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Citi analyst Ronald Josey reiterated a Buy rating and $177.00 price target on (NASDAQ: AMZN)

The analyst comments "Following our time at AWS and after hosting our 7th Annual Citi Cloud Forum with Citi’s Software Analysts Tyler Radke and Fatima Boolani, we emerge incrementally confident in AWS’ GenAI positioning, albeit it remains early. To be clear, optimizations are likely to continue (though attenuating), though we believe Enterprise IT budgets appear to be inflecting positively with GenAI leading the way. And with re:Invent’s ~60K attendees (which we believe is a record), interest in AWS remains strong. As expected, GenAI was the key focus area, with greater insights on Bedrock, SageMaker, and newer products like Amazon Q and Agents for Bedrock underscoring Amazon’s product set. Amazon remains a top pick across the Internet sector and with a strong start to the Online Holiday Shopping season, greater clarity on AWS’ GenAI products and services, and expanding margins, we reiterate our Buy rating and $177 TP."

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Shares of closed at $147.03 yesterday.

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