KeyBanc initiated coverage of Amazon.com (AMZN) with an Overweight rating and $300 price target Investors have become too pessimistic on Amazon’s cloud business, which has created an attractive entry point for the shares, the analyst tells investors in a research note. The firm sees potential for improving cloud growth into 2026. Meanwhile, Amazon’s advertising business driving gains in the retail business, which brings a path for grocery to become more material over the medium term, contends KeyBanc. It points out that Amazon’s current valuation multiple is “well below historical levels.”
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