Citi analyst Ronald Josey is “incrementally confident” on Amazon.com’s e-commerce business following the “relatively positive results” coming in from the annual Prime Day event. Prime members purchased 375M-plus items and saved $2.5B, the analyst tells investors in a research note. With Amazon’s e-commerce business improving overall efficiency and as Web Services comps improve in the second half of 2023 as its generative artificial intelligence strategy comes into view, the analyst reiterates a Buy rating on the shares with a $145 price target.
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