BofA raised the firm’s price target on Amazon.com (AMZN) to $185 from $168 and keeps a Buy rating on the shares. Amazon outperformed the Nasdaq and e-commerce sector in 2023 as multiple expansion helped drive stock performance, the analyst tells investors. The firm thinks further expansion is possible in 2024 with retail margin expansion and upside. AWS’ growth trailing Microsoft’s (MSFT) Azure, and risk of “missing” the A.I. cycle, could be a top stock overhang, but given what it calls “easy comps,” BofA projects AWS revenue growth to accelerate in Q1 and reach 17% by Q3, closing the growth gap, the analyst added.
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