Cowen analyst John Blackledge raised the price target on Amazon.com Inc. to $4,500 from $4,300, implying 30.7 percent upside, and keeps an Outperform.
Blackledge called Amazon his Best Idea for 2022 and top mega-cap pick.
The analyst expects accelerating sales growth in the second quarter of 2022 as e-commerce comps ease.
Amazon’s one-day and same-day offering bolstered by “historic fulfillment investments” since 2020 that can drive higher conversion and fuel potential upside to his forecast.
He also believes robust growth at Amazon Web Services and the advertising business will drive operating margin expansion.
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