Citi Removes (AMZN) from NAM Focus List, Keeps as Top-pick Across Internet Sector

May 20, 2022 7:27 AM EDT
Get Alerts AMZN Hot Sheet
Price: $106.21 -2.49%

Rating Summary:
    56 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 25 | New: 35
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Citi analyst Ronald Josey reiterated a Buy rating and $4,100.00 price target on (NASDAQ: AMZN).

The analyst comments "While we recognize the concerns a weaker consumer is likely to have on Amazon’s retail sales and the impact of greater overall costs, we also believe Amazon can gain greater share of retail sales in a more challenged macro environment, particularly as we prepare for Prime Day in July and as comps get materially easier in 2H22. And we believe Amazon can absorb much of the $6 billion of incremental costs from 1Q by the end of 2022. Given macro uncertainty and lack of near-term catalysts, we are removing Amazon from Citi’s NAM Focus List. But with shares down ~26% since earnings (vs. ~9% for the S&P 500) and currently trading at ~10x our ‘23E EV/EBITDA, we believe much of the risk is priced in, particularly for longer-term investors. Amazon remains a top-pick across the Internet sector and we reiterate our Buy rating and TP of $4,100."

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

Shares of closed at $2146.38 yesterday.

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