BMO: Primed to outperform
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Amazon is set to grow more than expected in the second half of the year, BMO predicts. AWS growth could notch 15% by the end of 2024, analysts predicted, up from previous estimates of 14%.
The impact of Rufus, Amazon’s AI shopping assistant, is also “underappreciated,” the bank said.
“Amazon retail is a significant beneficiary of generative AI, which helps surface users’ most relevant product recommendations and create pick paths for associates in FCs,” analysts wrote in a note.
The firm raised its price target for Amazon stock to $215 a share, implying 21% upside from current levels.
