4 big analyst picks: Amazon picks up fresh buy rating; Southern upped at Goldman
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: a buy initiation at Amazon, as well as upgrades at Southern, ACM Research, and Lazard.
InvestingPro subscribers got this news first. Never miss another market-moving upgrade.
DBS Group initiated coverage on Amazon.com (NASDAQ:AMZN) with a Buy rating and a price target of $150.00, highlighting the company’s leading position in e-commerce, its growing prime membership base, and growth opportunities for both AWS and its online advertising business.
The analyst says Amazon’s retail segment is still attempting to regain profitability after facing macroeconomic challenges, but noted that the U.S. e-commerce industry is projected to grow at 12.4% CAGR — and that Amazon holds a 39% market share in US e-commerce, with opportunities to capture more of the untapped market.
The analyst added:
We justify our target price and multiples based on AMZN’s leading position in e-commerce, its growing prime membership base, growth opportunities for both AWS (where it is the leader), and its online advertising business.
The company is set to report its Q2/23 earnings on July 27. Street estimates stand at $0.35 for EPS and $131.16 billion for revenues.
Goldman Sachs upgraded Southern (NYSE:SO) to Conviction Buy from Buy with a price target of $80.00, expecting positive progress in the Vogtle Units 3 and 4 nuclear project, leading to increased earnings growth and value.
According to the firm, the recent Inflation Reduction Act (IRA), which introduced the nuclear production tax credit (PTC), reduced risks associated with this asset class, making nuclear power a catalyst for growth.
ACM Research (NASDAQ:ACMR) shares closed with more than a 13% gain yesterday
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