The e-commerce giant gained more than 6% after third-quarter results beat analyst estimates on the top and bottom line . The company's cloud segment, Amazon Web Services, slightly missed analyst estimates for revenue in the third quarter — but was still up nearly 20% year on year. Operating income, meanwhile, soared The company is also continuing to spend big on generative artificial intelligence akin to peers in the technology sector.
Bank of America price target goes to $230 per share from $210 BofA analyst Justin Post maintained his buy rating on Amazon, and his upped forecast calls for more than 23% upside moving forward. "Another margin upside surprise supports our retail margin efficiency upside thesis, while AWS is still in the early innings of a big AI cycle and is investing accordingly," Post said. "Amazon's proprietary AI chip technology could be underappreciated in the stock.
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