Amazon.com price target raised to $140 from $130 at Wolfe Research

Wolfe Research analyst Deepak Mathivanan raised the firm’s price target on Amazon.com to $140 from $130 and keeps an Outperform rating on the shares. The company reported Q1 results and Q2 guidance above expectations, and while visibility on a Web Services bottom is low as customer optimizations continue, the long-term secular themes are strong, the analyst tells investors in a research note. The firm thinks the lack of visibility on AWS growth could weigh on shares in the near-term. However, it remains confident on a path for AWS revenue growth reacceleration and says Amazon’s retail margins should see sustained improvements throughout 2023.