Amazon.com price target raised to $134 from $114 at DA Davidson

DA Davidson analyst Tom Forte raised the firm’s price target on Amazon.com (AMZN) to $134 from $114 and keeps a Buy rating on the shares. The company’s sales and profits were better than the consensus estimates, the analyst tells investors in a research note, but the firm also warns that while its efforts to contain costs may enable the company to improve margins without sacrificing sales, at some point, the cost cuts will result in lower long-term sales growth. DA Davidson further notes that Amazon took share in advertising as its performance outpaced that of Facebook (META) and Google (GOOGL), but the deceleration in overall sales growth is an indication that its advertising revenue is also being negatively impacted by the challenging macroeconomic environment.