BMO Capital raised the firm’s price target on Amazon.com to $215 from $205 and keeps an Outperform rating on the shares. The firm is boosting its expected 2024 AWS revenue growth outlook to 15% from 14%, with upside potential remaining from gen-AI workloads and IT spend migration, the analyst tells investors in a research note. The Rufus integration in Retail is also underappreciated and positions Retail for double-digit gross merchandise value growth and a meaningful free cash flow unlock, BMO added.
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