Amazon lands buy rating from Deutsche Bank on expectation for strong revenue growth
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Deutsche Bank started off coverage on Amazon (NASDAQ:AMZN) with a Buy rating and price target on $4,100 on its view that the tech giant could see growth accelerate as the AWS and grocery business continue to mature following a period of heavy investment.
"Now, as investment growth slows, we believe that revenue will revert back to more closely match growth in the underlying infrastructure, which CFO Brian Olavsky mentioned should closely match the growth of our underlying businesses," updated analyst Lee Horowitz on the AMZN setup..
It was also noted that North American Retail infrastructure will grow more than 25% this year vs. the Street revenue growth estimate of 12.5%.
Horowitz and team believe the market is under-appreciating the share price upside for Amazon (AMZN) in the post-pandemic setup.
50 out of 53 firms covering Amazon on Wall Street have a Buy-equivalent rating or higher on the stock.
Shares of Amazon (AMZN) rose 1.85% in premarket action on Friday after gaining 5.41% on Thursday when the announcement of a 20-for-1 stock split and more buybacks excited investors.