Mizuho Reiterates Outperform Rating on Amazon.com (AMZN)

Mizuho analyst James Lee reiterated an Outperform rating and $240.00 price target on Amazon.com (NASDAQ: AMZN).

The analyst commented: "We recently completed our quarterly AWS customer survey with a leading channel partner. Key points: (1) Increased investments in workload migration as regional banks raised their estimates from $40bn to $60bn over the next 5 years; (2) Enterprise customers are committed to Gen-AI investments; (3) Spending forecast for AWS in FY24 was raised from 22% to 25% YoY growth due to further improvements in core consumption. With that in mind, we have increased conviction on AWS acceleration and our above-the-Street revenue growth forecast of 20% for FY24. While we are positive structurally, the stock could be range-bound near-term due to potential revisions of Kuiper and normalization of margins at AWS. Maintain AMZN at Outperform, $240PT."

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 $186.51 yesterday.

You May Also Be Interested In

• Pentagon reportedly locked down, hazmat teams responding
• OpenAI to acquire cloud platform ona to support ai agents - Bloomberg
• Camden Property Trust (CPT) PT Raised to $123 at Truist Securities