BMO Capital keeps an Outperform rating and $236 price target on Amazon.com (AMZN). Reporting from AWS re:Invent 2024 conference, BMO notes among the most heavily attended sessions was the company’s “Ongoing Shift from On-Prem to Cloud Workloads”, and the firm believes that AWS will not only benefit from incremental Cloud/AI workloads near term, but also unlock new capabilities through ongoing innovations over the next decade, the analyst tells investors in a research note. BMO further states that Amazon’s ongoing rollout of Same-Day buildings with lower CAPEX vs. fulfillment centers is improving customer experience levels that will unlock retail free cash flow in 2025.
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