Wells Fargo lowered the firm’s price target on Amazon.com (AMZN) to $207 from $212 and keeps an Equal Weight rating on the shares. The firm sees North America Retail margins and AWS revenue as key drivers to FY25 performance. The former is delivering, but AWS revs appear poised to decelerate in the first half of 2025 despite rising CapEx, Wells adds. The market is likely to show patience here, but visibility into the second half of the year AWS reacceleration is needed, the firm adds.
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