Evercore ISI’s Mark Mahaney takes a closer look at Amazon. The tech giant rose to third place in Evercore’s top tech and internet picks, behind only Meta Platforms and Uber in first and second place, respectively. Evercore’s price target of $150 implies about a 29% upside for Amazon from Friday’s close. So far this year, the shares are up about 36%. Mountain Amazon AMZN YTD Action. Mahaney set an optimistic tone for Amazon largely thanks to the potential growth of Amazon Web Services (AWS). Revenue for the tech giant’s cloud unit rose about 16% in the first quarter, a slightly faster pace than analysts expected. “Our view is that the 2nd derivative call on AWS is very likely to turn positive in the third quarter, partly due to the easing of comps and partly due to the final round of the cloud optimization cycle,” said Mahaney said in a Sunday note. In the long term, Mahaney added, Amazon’s ability to develop AI projects and integration could help cloud services through 2024 strongly dominate the market,” he added. – CNBC’s Michael Bloom contributed to this report.
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