Benchmark analyst Daniel Kurnos raised the firm’s price target on Amazon.com to $170 from $130 and keeps a Buy rating on the shares after a quarter where Amazon “reasserted its dominance.” No one predicted what the firm “can only describe as an incredibly rapid improvement in selection, speed, conversion, and basket size following the completion of the rollout of Amazon’s new regional network” that resulted in “a good, old-fashioned ecommerce beat,” the analyst tells investors. Due to the profit upside, free cash flow turned positive “well ahead of expectations,” which should expand the shareholder base and “reestablish Amazon firmly back in the core holding category,” the analyst added.
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