Amazon.com price target raised to $180, named 2024 Top Mega Cap at Roth MKM

Roth MKM raised the firm’s price target on Amazon.com to $180 from $165 and keeps a Buy rating on the shares. The firm also names the stock its Top Mega Cap pick for 2024. Roth MKM notes that its sees more muted Internet industry tailwinds in FY24, but views Amazon.com as the only mega cap where it anticipates accelerating revenues AND expanding operating margins. The Internet companies experienced triple tailwinds in 2023 that included lapping Covid comps from 2022, supportive consumer discretionary macro with falling inflation, and Micro and industry improvements, though 2024 will likely see more normalized growth, with e-Commerce and online advertising growing high-single-digits to low-teens percent, and online travel likely experiencing “more muted growth”, the analyst tells investors in a research note.