Amazon.com price target raised to $123 from $119 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the firm’s price target on Amazon.com to $123 from $119 and keeps an Overweight rating on the shares. The company’s Q4 results were mostly positive with revenues topping the high end of the guidance range, the analyst tells investors in a research note. However, Amazon’s guidance "was slightly weak" as Consumers sound cautious and the Cloud deceleration cadence appears to be landing in the "mid-teens" for Q1, Piper says. It believes management comments suggest the company "is still navigating a difficult stretch."