Amazon price target raised to $139 from $135 at BofA

BofA analyst Justin Post raised the firm’s price target on Amazon (AMZN) to $139 from $135 and keeps a Buy rating on the shares after Q1 beats "across most metrics" and a "solid" Q2 outlook. However, this outlook was "overshadowed" by an April AWS deceleration as Amazon’s commentary that April growth slowed to around 11% from a stable 16% monthly in Q1 raised investor concerns, the analyst says. AWS results were "better than feared, but not as good as Azure," says BofA, which thinks it’s possible Microsoft’s (MSFT) Azure gets a near-term AI boost, but "this won’t last beyond 2023," in the firm’s view.