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<Research> Citi Raises Amazon (AMZN.US) TP to USD285, Upgrades AWS Forecast
Citi published a research report indicating that, given the ongoing demand for artificial intelligence and the bank's analysis of revenue contributions from Anthropic, OpenAI, and ...
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<Research> Citi Raises Amazon (AMZN.US) TP to USD285, Upgrades AWS Forecast
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Citi published a research report indicating that, given the ongoing demand for artificial intelligence and the bank's analysis of revenue contributions from Anthropic, OpenAI, and core (non-AI) workloads, it has upgraded its forecast for Amazon's (AMZN.US)      AWS. As AWS strengthens its partnerships with Anthropic and OpenAI, Citi now predicts AWS revenue will grow by 28% YoY in 1Q24 and by 29% for the entire year, with growth accelerating to 37% next year.

The result is that AI revenue is forecasted to account for approximately 58% of AWS's incremental revenue in 2026 and about 72% in 2027. Citi believes AWS can enhance its infrastructure capacity based on demand. Although the bank acknowledges concerns about AWS's return on investment, competition, and limited visibility of free cash flow, it believes AWS's position is increasingly favorable due to rapid monetization following capacity expansion, accelerated revenue growth, and rising operating income.

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Citi reiterated its "Buy" rating on Amazon and raised the target price from USD265 to USD285. (ec/da)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)



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