Stifel analyst Mark Kelley raised the firm’s price target on Amazon.com (AMZN) to $295 from $269 and keeps a Buy rating on the shares. Q3 topline trends were better than expected, particularly for AWS, notes the analyst, who points out that AWS posted greater quarter-over-quarter acceleration than Microsoft’s (MSFT) Azure and Google’s (GOOGL) GCP in a reversal of Q2. AWS operating margins came in above consensus, backlog growth accelerated on a two-year stack basis, and overall Q4 revenue guidance was ahead of expectations at the mid-point of guidance, the analyst also noted.
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