Amazon Remains JPMorgan's Top Overall Idea In Internet - Amazon.com (NASDAQ:AMZN)

JPMorgan analyst Doug Anmuth says Amazon.com Inc (NASDAQ:AMZN) remains his top overall idea in the internet space.
The re-rating came after the Department of Commerce released Q4 U.S. e-commerce sales of $258 billion, shy of the firm's $270 billion estimates.
The e-commerce sales were due to a softer than expected holiday season, the continued resurgence of brick and mortar retail sales, and ongoing supply chain headwinds.
U.S. e-commerce penetration remained flat year-over-year at 19.0% of adjusted retail sales. Still, the analyst estimates 2022 penetration should increase to 20.3% comps ease in the middle and back half of the year, and Amazon and other retailers gain further share in "key under-penetrated" categories such as grocery.
He believes Amazon will become a "cleaner, more compelling story" through 2022.
Price Action: AMZN shares closed lower by 5.62% at $2,749.06 on Monday.
Photo by christian-wiediger via Unsplash

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