UBS lowered the firm’s price target on Amazon.com (AMZN) to $249 from $253 and keeps a Buy rating on the shares following the Q1 print. It feels like a bottoming out in terms of downward revisions is near, possibly setting up for a buying opportunity post-print, the analyst tells investors in a research note. The secular growth opportunities remain attractive as e-commerce adoption as well as on-premise-to-cloud transition seem to be at similar levels, pointing the way for not only Amazon but also Amazon Web Servicesto be multiples of its current size, UBS says.
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