Amazon stock’s 2022 slump presents ‘compelling opportunity’ for investors - JPM
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JP Morgan remains bullish on the long term prospects for Amazon (NASDAQ:AMZN) despite a nearly 50% slide for shares in 2022.
Equity analyst Doug Anmuth advised clients that while macroeconomic concerns and uncertainty on the cloud businessâ trajectory, the secular tailwinds for the business remain intact. As such, the stockâs steep slide this year âcreates a compelling opportunityâ for investors.
âWe believe Amazon's flexibility in pushing first-party vs. third-party inventory and its Prime offering both serve as major advantages in its retail business, and its multi-year head start in the cloud has led to a 40%+ AWS global market share,â Anmuth wrote. âAmazon is also starting to show more profit, with its high growing AWS and Advertising revenue streams also its most profitable.â
To be sure, the near term headwinds tempered his optimism in terms of a price target as his fourth quarter revenue and margin estimates were reeled in. Anmuth assigned a $130 price target to the stock, down from a prior $145. 
Read more on the companyâs efforts in video game publishing.