Wall Street is underestimating a key part of Amazon.com Inc.'s story, says an analyst who's now tied for being the most bullish on Wall Street.
Wall Street is underestimating a key part of Amazon.com Inc.’s story, says an analyst who’s now tied for being the most bullish on Wall Street.
Sanderson said that investors aren’t giving Amazon enough credit for the potential of its AWS cloud-computing business. Sanderson’s own AWS revenue estimates are $3.9 billion higher than the consensus view for 2024 and $4.3 billion higher for 2025 — and that’s without factoring in potential from generative artificial-intelligence demand. His forecasts also assume that new workload demand decreases from current levels. Both assumptions “are highly conservative,” in his view, highlighting room for upside.
“The retail business is structurally much higher margin than prior to COVID with meaningfully more advertising and commission revenue,” Sanderson wrote. Wall Street isn’t optimistic enough about this portion of the business either, by his assessment, as the consensus view “is mismodeling the margin implications as Amazon regains operational efficiency in fulfillment and revenue continues to shift toward high-margin advertising and commissions.
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