HSBC initiates coverage of Amazon shares with a buy rating
Wall Street has been somewhat concerned lately about slowing growth for Amazon.com Inc.’s AWS cloud-computing business, but a new bull says that outlook is a mistake.
He launched coverage of Amazon shares with a buy rating and $160 target price Thursday, calling AWS “one of the most attractive stories in tech” and cheering it as the “crown jewel” of Amazon’s portfolio. Amazon has been investing in this business for 15 years, and now the “breadth and depth of the service offering has created a dominant offering for customers with substantial lock-in,” in Johnen’s view.He also likes aspects of the e-commerce business. “Amazon’s remarkable lock-in effect with consumers in e-commerce pales in comparison to its structural opportunity in cloud,” Johnen wrote.
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