Amazon Stock Rises as Phillip Securities Upgrades to Buy, Raises Target to $330
Photo: The Crypto Basic
Amazon (NASDAQ: AMZN) shares rose 1% to $242.79 in Monday’s premarket trading as Phillip Securities upgraded the stock from Accumulate to Buy and increased its price target from $320 to $330 following the company’s third-quarter earnings. Analyst Helena Wang cited accelerating growth at Amazon Web Services (AWS), where third-quarter revenue increased 39.3% year-over-year to approximately $46 billion. The cloud business recorded its sixth consecutive quarter of accelerating growth, its fastest expansion in nearly five years. AWS backlog also surged 189% year-over-year to $578 billion, representing contracted cloud services that have yet to be recognized as revenue.
Also reported by TronWeekly.
Source: The Crypto Basic
