Truist raised the firm’s price target on Amazon.com (AMZN) to $270 from $250 and keeps a Buy rating on the shares. More than two-thirds into Q3, Amazon’s North America revenue is tracking about $1B ahead of consensus of $105B, per the Truist Card Data through September 6th, implying 10% Y/Y growth which is virtually in line with Q2’s level of 11%, the analyst tells investors in a research note. The average order value and order frequency in August were also flat and up 6% Y/Y, respectively reflecting no attenuation of demand so far and no notable increases in average sales prices – a testament to the company’s expansive offering, its marketplace model, and its superior logistics, Truist added.
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