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In a rare move among Amazon.com, Inc. (NASDAQ:AMZN) analysts, Deutsche Bank’s Lloyd Walmsley pulled back his price target from $1,150 to $1,135, maintaining a Buy rating.
The cause is Walmsley’s recent channel checks on Amazon Web Services, which suggest less growth than previously estimated.
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The analyst now expects AWS to grow 39 percent in the second quarter, compared to 40 percent previously. The small change translates to millions of dollars of growth.
While the revision poses a near-term risk to investor sentiment, in the grand scheme of things the change is nothing for investors to be concerned of. The new price target still represents 13 percent upside from Tuesday’s open.
In addition, Walmsley said Amazon’s retail business is “firing on all cylinders,” and expects strong Q2 results from North America and international markets.
Prime Day results also support Amazon’s health as a retail business and rising investment in new distribution spaces sets the stage for long-term growth.
Reinvestment in all of Amazon’s segments, including media and hardware, will continue to put pressure on margins though.
All-in-all, with an eye on web services, Walmsley “would use any pullback around AWS growth rate shortfalls to add to long-term positions.”
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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.