Amazon.com (AMZN) PT Raised to $245 at Stifel

Stifel analyst Mark Kelly raised the price target on Amazon.com (NASDAQ: AMZN) to $245.00 (from $224.00) while maintaining a Buy rating.

The analyst comments: "Amazon delivered a very solid 3Q with GAAP operating income dollars outperforming by a wid ~18% margin vs. the Street (op margins improved across all three reporting segments), whic was the main concern most investors had heading into the print, mostly due to expectations fo Kuiper costs to work their way into the P&L in a fairly meaningful way. Oddly enough, Kuiper didn't come up once on the call, after a healthy amount of discussion on the last call. AW growth of +19% y/y was below buyside expectations that ratcheted higher into earnings (20-21 expected), but still grew nicely, and segment operating margins improved ~250bps q/q, partl due to capacity constraints with an uptick in AI demand (AI is a multi-$bn business growin 100%+). We expect this print to ease some worries that margin expansion was likely to stal and healthy AWS/AI commentary indicates continued growth from here."

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