Amazon.com (AMZN) PT Raised to $3,700 at Mizuho Securities

Mizuho Securities analyst James Lee raised the price target on Amazon.com (NASDAQ: AMZN) to $3,700.00 (from $3,450.00) while maintaining a Buy rating.

The analyst commented, "The strength in ecommerce and advertising was better than already-high expectations. 1P revenue growth accelerated 24-points and demand for discretionary recovered strongly indicated by a 22-point acceleration of 3P. In addition, revenue growth guidance was 10-points ahead of expectations at 33% YoY and operating income beat consensus by over 60% despite incurring $2bn COVID-related costs. Although cloud was modestly below expectations, underlying trends were strong as backlog accelerated 7-points to 65% YoY growth. As a result, we are raising our FY22 EBITDA by 6% to $103bn. Maintain Buy rating and raise PT from $3,450 to $3,700, based on 18x (vs 17.5x prior) FY22 EBITDA estimate vs CAGR of 34% (up from 30%)."

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