Wolfe Research Notes Amazon Has 'Multiple Ways To Win,' Upgrades To Outperform

In a report published Tuesday, Wolfe Research analyst Aram Rubinson upgraded shares of

to Outperform from Peer Perform with a $450 price target. Bloomberg cited the analyst's view that the company has "multiple ways to win," including strong growth of recurring revenue, a greater focus on controlling costs, a possible divestiture of China and optionality on Amazon Web Services. Rubinson added that Amazon could achieve 15 percent return on invested capital if it were to exit China, spin off its AWS segment and monetize advertising.