Amazon.com shares are up only 14% over the past three years versus the S&P 500 Index up 63%, says JPMorgan analyst Doug Anmuth, who continues to believe investor sentiment is near multi-year lows. While it is hard to argue with the recent Amazon Web Services growth slowdown, it is caused by the macro environment and strong secular growth will return under better economic conditions, the analyst tells investors in a research note. The firm believes a "number of pressures" in 2022 will comp or ease in 2023. JPMorgan also believes Amazon is taking meaningful steps to control costs. The stock remains the analyst’s best idea with Overweight rating and $135 price target.
Published first on TheFly
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