Citizens Sticks with Market Outperform Rating on Amazon Amid AI Growth
Citizens has reiterated its Market Outperform rating on Amazon stock, citing growth prospects in cloud computing and artificial intelligence. The firm's analyst, Andrew Boone, stated that the sustained growth of frontier models is positive for cloud providers like AWS and GCP.
The optimism aligns with broader analyst sentiment, as 22 analysts have revised their earnings upwards for Amazon's upcoming period. According to InvestingPro data, the stock currently trades below its Fair Value, making it an undervalued opportunity in the market.
Citizens also maintains a Market Outperform rating on Alphabet, with a price target of $515. In other recent news, Amazon has announced an expansion of its investment in northwest Louisiana, increasing the commitment to $18 billion and creating up to 750 full-time jobs.