Amazon.com (AMZN) PT Raised to $240 at JPMorgan

JPMorgan analyst Doug Anmuth raised the price target on Amazon.com (NASDAQ: AMZN) to $240.00 (from $225.00) while maintaining a Overweight rating.

The analyst comments "We believe Amazon is well positioned as the market leader in e-commerce and public cloud, where the secular shifts remain early—US e-commerce represents ~20% of adjusted retail sales, and we estimate only ~10% of IT spend is in the cloud today. We believe Amazon’s flexibility in pushing first-party vs. third-party inventory and the Prime membership serve as major advantages in its Stores business, and its multi-year head start in the cloud has led to ~31% AWS global market share. We believe AMZN is on track for multi-year margin expansion & FCF ramp, with AMZN targeting MSD%+ N. America operating margins. High-growing AWS and Advertising revenue streams are AMZN’s most profitable businesses, further supporting margin expansion & FCF generation."

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