Stifel lowered the firm’s price target on Amazon.com (AMZN) to $260 from $262 and keeps a Buy rating on the shares. Corporate-level Q2 results were “very healthy,” with revenue and operating income both above the high-end of the guided range, while Q3 guidance was “mixed,” with revenue ahead of expectations and lighter-than-expected operating income, the analyst tells investors. However, stable revenue growth at AWS was a disappointment after heightened expectations heading into the print with Microsoft’s (MSFT) Azure and Google’s (GOOGL) GCP both posting about 400 basis points of acceleration this past quarter, the analyst added.
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