Here's Why Citi Remains Bullish On Amazon Despite Knocking It Off Focus List

Citi analyst Ronald Josey considers Amazon.com Inc AMZN vulnerable to softening consumer spending trends.
While Josey still believes in the eCommerce and cloud giant, the recent slide for shares and growing inflation concerns prompted some reflection.
“Given macro uncertainty and lack of near-term catalysts, Josey removed Amazon from Citi’s NAM Focus List.”
Josey added that a weaker consumer in a more challenging macro environment could impact earnings moving forward.
Still, Amazon remains a top pick for the internet sector and remains “Buy” rated with a price target of $4,100 (88.7% upside).
Josey indicated the troubled consumer could prove positive for Amazon, in his view.
Josey considers Amazon relatively well-positioned to reaccelerate retail growth in [the second half of 2022] with July’s Prime Day and the upcoming Back-to-School and Holiday shopping seasons as core catalysts.
Price Action: AMZN shares traded lower by 1.80% at $2,107.71 on the last check Friday.
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