Investors are grappling with a host of mixed signals as recent data suggests the economy may be softening and the S&P 500 surges to new highs.
The analyst highlighted several reasons for his bullish investment thesis, including market share gains in the lucrative high-bandwidth memory space and AI compute growth in Micron's data center business and edge computing.Hari pointed out that Micron generated free cash flow of $425 million in the fiscal third quarter, marking a rebound from several quarters of negative FCF.
Overall, Amazon remains Evercore's"No. 1 Large Cap Long," with the survey results backing the company's long-term investment thesis. Notably, the survey results supported the analyst's views about three fundamental catalysts in 2024 – significant acceleration in the growth of Amazon Web Services, rising operating margins of the North American Retail business and solid free cash flow margins.
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