William Blair analyst Dylan Carden has maintained their bullish stance on AMZN stock, giving a Buy rating today.
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Dylan Carden has given his Buy rating due to a combination of factors surrounding Amazon’s strategic moves and partnerships. The recent $38 billion partnership between AWS and OpenAI marks a significant development for Amazon, as it positions AWS to handle AI compute workloads from OpenAI, which is a major player in the AI space. This partnership is expected to drive continued growth over the next seven years, enhancing AWS’s capacity and revenue potential.
Moreover, the deal signifies a positive shift in the narrative around AWS, which had been criticized for missing out on major AI partnerships. With OpenAI’s ambitions to achieve AGI and substantial revenue goals, AWS’s involvement is crucial. This partnership not only strengthens AWS’s market position but also suggests a favorable margin profile, potentially surpassing other recent deals in the industry. These strategic advantages underpin Carden’s optimistic outlook on Amazon’s stock.
According to TipRanks, Carden is a 4-star analyst with an average return of 17.1% and a 58.41% success rate. Carden covers the Consumer Cyclical sector, focusing on stocks such as Ulta Beauty, Revolve Group, and On Holding AG.
In another report released today, Telsey Advisory also reiterated a Buy rating on the stock with a $300.00 price target.