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After reaching new all-time highs following a first-quarter earnings beat on Thursday, Amazon.com, Inc. (NASDAQ:AMZN) just won't slow down.
UBS has raised its price target on Amazon from $1,100, up from $930 following “a solid set of Q1 operating results,” according to analysts.
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From The Mouth Of Analysts
Amazon is seeing increased shopping velocity and strong Prime adoption through several of its key investment areas, including media consumption, category expansion, fulfillment/logistics and India, according to UBS.
“Q2 revenue guide above the Street implies continued momentum building in eCommerce and cloud computing & forward operating profit guidance was better than feared,” said UBS on Friday. “For long-term investors, Amazon still presents a secular growth category winner in two categories – global eCommerce and cloud computing adoption.”
Amazon’s cloud segment, AWS, is seeing tremendous growth, producing 43 percent year-over-year gains driven by expansion into new regions and product launches. UBS believes AWS has the dominant position in the market and is expected to grow at around a 22 percent CAGR.
“As Amazon continues to invest in its multiple growth opportunities, we believe the company can deliver a high teens revenue CAGR over the medium term along with moderate margin expansion,” concluded UBS.
UBS continues to rate Amazon at a Buy, and at last check in Friday's session, shares were up 1.54 percent at $932.51.
Related Links:Amazon's Q1 Results May Be Indicating A Return To MomentumConsulting The Crystal Ball To See How Apple May Reduce Its iPhone Depedence
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.