Loop Capital analyst Rob Sanderson reiterated a Buy rating and $360.00 price target on Amazon.com (NASDAQ: AMZN)

The analyst comments: "There has been a lot of news circulating on Amazon over the past two weeks. The Globalstar acquisition was confirmed this morning. We think the satellite broadband investment has been an indirect overhang as it drags on retail segment margin. The upcoming change to capitalizing most expenses will remove this. We also think the upcoming SpaceX IPO will shine a more favorable light on Amazon’s satellite broadband ambitions. The OpenAI CRO had encouraging commentary about inbound demand for ChatGPT on Amazon Bedrock. Last week’s CEO letter had several new point disclosures, including on revenue contribution from AI chips and AI services. This reinforces our view that AWS revenue will likely continue to accelerate as capacity becomes serviceable. AWS is the most important driver of Amazon shares and represents over 60% of our SoTP valuation. Reiterate Buy ahead of results, date unannounced but mostly likely on 4/30."

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Shares of Amazon.com closed at $249.02 yesterday.