Amazon named new top pick at New Street Research
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New Street Research selected Amazon (NASDAQ:AMZN) as a top pick in a note outlining new coverage on a number of internet stocks. 

The bullish initiation is largely predicated on the expectation of an e-commerce rebound in 2023. This rebound is expected to add to solid trends in the profitable ads and AWS businesses that Amazon operates.

âWe see AMZN beginning to gain eCommerce share again exiting 2023 as it takes advantage of a massive expansion of logistics and fulfillment investment from 2019-2022,â the initiation stated. âWe expect higher operating leverage and margin upside, supported by the continued revenue mix shift to higher margin businesses (led by Amazon Web Services and advertising).â

The research also points to Amazonâs (AMZN) foothold in streaming, and sports streaming specifically, as a notable tailwind. New Street assigned the stock a $130 price target alongside a Buy rating.

Shares of the Seattle-based tech behemoth slipped 1.55% shortly after Wednesday's market open.
Read more on the e-commerce leaderâs recent loan disclosure.