Piper Sandler analyst Thomas Champion raised the firm’s price target on Amazon.com to $185 from $170 and keeps an Overweight rating on the shares. Amazon is Piper’s top large cap pick as it sees most upside among its large caps into 2024. Retail margins have improved significantly, and the firm still thinks Street op income looks conservative into 2024 on incremental numbers. AWS spend is set to accelerate and data from Piper’s PSC 2024 CIO Survey gives it greater confidence AWS will see greater spend into next year.
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