Oppenheimer notes that Amazon (AMZN) is the firm’s top large-cap pick heading into 2024, given the company’s exposure to the more affluent consumer, advertising opportunity, significant potential for e-commerce margin improvement, easing headwinds for AWS and recent underperformance vs. Alphabet (GOOG) and Meta (META). E-commerce EBIT/sq. ft. and margin comparison vs. Target (TGT) suggests Amazon e-commerce margins have material upside. In addition, Oppenheimer sees significant upside from launching ads in Prime Video. The firm has an Outperform rating on Amazon’s shares with a price target of $170.
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