Amazon.com (AMZN) PT Lowered to $273 at Citi

Citi analyst Ronald Josey lowered the price target on Amazon.com (NASDAQ: AMZN) to $273.00 (from $275.00) while maintaining a Buy rating.

The analyst comments "We are incrementally positive on Amazon shares following 4Q24 results. We acknowledge 19% Y/Y AWS growth was in-line-with-expectations, that 1Q25 revenue and OI guidance were below consensus, and the ramp in ’25E CapEx to $100B+. But we also believe CapEx investments should result in faster GenAI AWS demand, that FX led to lower guidance, and when excluding the 1x $920M impact from server disposals, 4Q OI would have been $22.1B (vs. guidance of $16-$20B). We were impressed with N.A. Retail OI margins reaching an ATH of 8% as faster delivery speeds appear to be generating increased order frequency, particularly with essentials/non-discretionary goods and we’re early days of retail benefiting from inbound shipping optimization. Amazon remains a top-pick on retail strength, AWS GenAI demand, and expanding margins and we’d take advantage of any dislocation in shares. We reiterate our Buy rating, though lower our TP to $273 (shares -4% in aftermarket)."

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