SA: Amazon now ‘solidly a top pick’ at Goldman Sachs

© Ken Wolter

SEEKING ALPHA reports:

Goldman Sachs is increasingly bullish on Amazon (NASDAQ:AMZN) despite some weak performance since the company’s early February earnings results.

In a sweeping note covering the internet space, the bank’s analysts suggested that concerns of an AWS slowdown are overwrought while e-commerce margins look as though they will improve into 2023. As such, the team said that Amazon is “now solidly our top pick for the remainder of 2023 from current trading levels.”

The potential for a shift in the trajectory of AWS growth is seen as a key catalyst into 2023. As the team’s long-term view of cloud computing is unchanged, the anticipated pivot for the segment is seen as a potential key tailwind in coming quarters.

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