JMP Securities raised the firm’s price target on Amazon.com to $265 from $245 and keeps an Outperform rating on the shares. The firm thinks its higher-than-consensus advertising estimates are reasonable given Amazon’s vertically integrated full-stack advertising platform, which can serve upper funnel down to lower funnel advertising solutions, the analyst tells investors in a research note. JMP believes Amazon will generate just under $2B in revenue from Prime Video in 2024, leaving it ample room to increase ad load and CPMs over time as viewing hours increase due, in part, to licensing agreements for live sports.
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