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Roth Capital says buy Amazon.com on ‘surprising dip’ following results

Roth Capital notes Amazon’s shares were down -6.5% after hours despite reporting a clean Q2 beat, providing Q3 revenues guidance above expectations, offset by Q3 Operating Income outlook bracketing the Street’s estimates. The firm previewed that such an outcome was likely. It is encouraged by accelerating AWS growth, surprising double-digit e-commerce growth, and greater than20% ads growth. As expected, Amazon now expects 2025 CapEx to exceed $120B vs. previously guide of $100B. Roth thinks investors underestimate Amazon’s 2026 EPS upside with AI Cloud revenues, Robotics efficiency, and Same Day contribution.

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