Amazon.com initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Amazon.com with an Overweight rating and $230 price target, citing retail margin expansion and AWS acceleration. The firm sees runway in both, but adds that the magnitude is likely to moderate compared to trends over the past two years and “the path is unlikely to be linear.” With that said, Cantor contends that Amazon’s “dominant competitive position in two large consumer and software end-markets with its retail and cloud businesses provides a lot to be bullish about over the next 12-18 months.”