BofA Securities analyst Justin Post reiterated a Buy rating and $139.00 price target on Amazon.com (NASDAQ: AMZN).

"In our view, Amazon’s user data, existing relationships with retail advertisers, and extensive ad sales teams provide a competitive advantage for monetizing ad-streaming. Also, tiering may enable Amazon to raise fees on ad-free Prime tiers, which would follow recent fee increases for various Prime and 3P services (i.e., introduction of new Holiday fulfilment fee for 3P sellers, higher Whole Foods delivery fees, higher Amazon Music fees). To drive usage, we expect Amazon to continue to lean into Video content vs. pulling back; reportedly, Amazon is now discussing potential bids on NBA rights (after recently losing out on NFL Sunday Ticket to YouTube TV), and exploring partnerships with other platforms. To help pay for more content, we wouldn’t be surprised if some content (especially sports with natural breaks) included advertising, even for Prime Subscribers. We think retail efficiencies, advertising growth and consumer fee increases can support upside to the Street’s $33bn in estimated 2024 operating profit; Maintain Buy."

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Shares of Amazon.com closed at $121.23 yesterday.