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UPDATE: SunTrust Says Amazon.com Remains 18 Months Ahead of Competition

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In a report published Thursday, SunTrust Robinson Humphrey analyst Robert S. Peck reiterated a Buy rating on Amazon.com (NASDAQ: AMZN), but removed the $400.00 price target.

In the report, SunTrust Robinson Humphrey noted, “We attended the AWS re:Invent conference where we met with database, hybrid cloud management and application layer developers and the key takeaway is that Amazon is moving faster than most expect in terms of adding capabilities and services. Amazon remains 18 months ahead of its competition and has barely begun to scratch the surface in some aspects like analytics. While we expect the initial interest in AWS may stem from cost savings, we feel the key driver is more about business agility and ability to focus on core competency. AWS Senior VP Andy Jassay gave an impressive keynote devoted to showcasing how AWS has continually improved its offering and added ability to take on more regulated environments with added certifications. The session featured comments from startup firms like Airbnb, Smugmug, Twilio and Chute, as well as presentations from established enterprises like Dow Jones and Suncorp. Dow Jones spoke about migrating 75% of its workload to AWS, taking its database count to 6 from 40, while Suncorp Group, an Australian bank and insurer, discussed moving entirely to the cloud in a regulated environment.”

Amazon.com closed on Wednesday at $356.22.

Latest Ratings for AMZN

DateFirmActionFromTo
Jan 2017Aegis CapitalInitiates Coverage OnBuy
Nov 2016CitigroupMaintainsBuy
Nov 2016CitigroupMaintainsBuy

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