The firm raised its price target for shares of Amazon.
Investors should snap up Amazon shares as the e-commerce giant comes within reach of an inflection point, according to Piper Sandler. Analyst Thomas Champion raised his price target on the stock by $10 to $185 per share, implying upside of 36.5% from Wednesday's close. He also reiterated an overweight rating on Amazon.
Champion raised his operating income expectations for 2024 to $48 billion from $38 billion, citing greater confidence in margins. And he said the company's third-quarter guidance offers more evidence of margin strength. He also pointed to commentary from management around improved customer elasticity from faster delivery. Champion said Street estimates pointing to market share losses in 2024 could be wrong as the company's investments are creating a better customer service experience.
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