The bank hiked its price target on Amazon shares to $154 from $139, citing an improving outlook on retail margins.
Amazon shares have soared more than 46% this year — and Bank of America thinks there's "still a lot of room for growth ahead." The bank hiked its price target to $154 from $139, which implies 24.7% upside from where shares closed on Friday. It also reiterated its buy rating in a Monday client note. "We were encouraged by CEO commentary that retail margins could improve beyond pre-pandemic levels ," wrote analyst Justin Post.
2%, underscoring CEO Andy Jassy's comments that the company has "a chance not just to recover to where we were pre-pandemic in terms of operating margin. … There's additional upside with some of the opportunities we've identified." Post thinks that, based on margin improvement year-to-date, metrics showing strong leverage and management's commentary, Amazon's 2024 U.S. retail margins could reach a range of 4% to 5%.
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