{"id":51450,"date":"2023-08-22T05:30:38","date_gmt":"2023-08-22T09:30:38","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/why-amazon-is-this-analysts-top-internet-stock-pick\/"},"modified":"2023-08-22T05:30:40","modified_gmt":"2023-08-22T09:30:40","slug":"why-amazon-is-this-analysts-top-internet-stock-pick","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51450","title":{"rendered":"Why Amazon is this analyst\u2019s top internet stock pick"},"content":{"rendered":"
\n

Amazon.com Inc. is the poster child for online shopping, but its core e-commerce business is still \u201cunderappreciated\u201d on Wall Street \u2014 at least according to a Wedbush analyst. <\/p>\n

Scott Devitt joined a pair of other Wedbush analysts in beginning coverage of Amazon
\n AMZN,
\n +1.10%<\/bg-quote>
\n with an outperform rating Monday, as part of his broader initiation of internet names. But only Amazon earned a place on Wedbush\u2019s best-ideas list.<\/p>\n

\n

Amazon\u2019s e-commerce business has faced tough comparisons with pandemic-era periods, and the company has also endured some growing pains within its fulfillment operations. But with comparisons easing and fulfillment utilization on the rise, \u201cAmazon\u2019s core business is now well positioned with an industry-leading fulfillment infrastructure delivering 4x as many same-day or next-[day] orders in the U.S. versus 2019,\u201d Devitt wrote. <\/p>\n

The company gets the benefit of an improving e-commerce landscape, in Devitt\u2019s view, but other aspects of its business are compelling as well. For one, Amazon\u2019s AWS cloud-computing business is showing a stabilization as it laps a period when customers started optimizing their spending to manage expenses. <\/p>\n

See also<\/strong>: How Amazon\u2019s \u2018game-changing\u2019 earnings could unlock a sustained stock surge<\/p>\n

\u201cWith recession fears fading in the U.S. and interest rate increases moderating, Amazon is beginning to see stabilizing AWS growth and noted that its customer base is now mostly optimized for costs,\u201d Devitt wrote. <\/p>\n

AWS is \u201cwell positioned competitively in our view and we expect sustainable double digit AWS growth in the intermediate term as more workloads shift to the cloud and demand for generative AI creates incremental spending in the coming years,\u201d he continued. <\/p>\n

Devitt also weighed in positively on Amazon\u2019s advertising business. The company is \u201cthe clear leader among retail media networks given its wealth of transaction data and the scale of its site traffic,\u201d and Amazon\u2019s advertising business should continue to expand more quickly than its gross merchandise volume going forward, in Devitt\u2019s view. <\/p>\n

Read:<\/strong> \u2018Magnificent Seven\u2019 stocks are losing some of their shine, but their bonds are doing fine<\/p>\n

He\u2019s even intrigued by Amazon\u2019s grocery initiatives after the company announced plans to merge grocery offerings into a single cart. \u201cWe believe Amazon\u2019s fulfillment
expansion and improving delivery speeds are a catalyst for grocery category growth, as an increasing percentage of American consumers can get a variety of grocery and everyday essentials delivered same-day or next-day,\u201d he wrote. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon.com Inc. is the poster child for online shopping, but its core e-commerce business is still \u201cunderappreciated\u201d on Wall Street \u2014 at least according to a Wedbush analyst. Scott Devitt joined a pair of other Wedbush analysts in beginning coverage of Amazon AMZN, +1.10% with an outperform rating Monday, as part of his broader initiation […]<\/p>\n","protected":false},"author":1,"featured_media":51451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-51450","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nWhy Amazon is this analyst\u2019s top internet stock pick | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Amazon.com Inc. is the poster child for online shopping, but its core e-commerce business is still \u201cunderappreciated\u201d on Wall Street \u2014 at least according\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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