Amazon.com (AMZN) PT Raised to $230 at Truist Securities

Truist Securities analyst Youssef Squali raised the price target on Amazon.com (NASDAQ: AMZN) to $230.00 (from $220.00) while maintaining a Buy rating.

The analyst commented: "We remain constructive on AMZN ahead of 2Q24 earnings slated for 8/1 expecting a beat based on 1) our tracking of NA sales using the Truist Card Data; 2) positive checks into the ads business; 3) our expectation for further growth acceleration at AWS, and 4) improving unit economics and Opex mgmt, which should yield higher margins & profitability. We have raised our ests and PT accordingly. Amid a weakening consumer, Amazon continues to gain share of global ecommerce and improve its value proposition to both merchants and consumers. We see multiple growth vectors powering AMZN's growth which keeps the stock compelling, in our view."

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