Citi analyst Ronald Josey raised the firm’s price target on Amazon.com to $235 from $215 and keeps a Buy rating on the shares. The analyst “materially” raised operating income projections on Amazon following an analysis of the company’s Advertising and Retail businesses. Citi now projects operating income to reach 10% margins in 2025 on continued advertising strength and improving retail efficiencies. Given faster shipping speeds, the firm believes conversion rates are improving as Amazon’s retail business benefits from its regionalization approach with shorter transport distances as the overall cost to serve comes down. Amazon remains one of its top picks across the internet sector.
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