JPMorgan is slightly less bullish on Amazon going into 2023 - the firm has a buy rating on the company but lowered its price target.
JPMorgan is still bullish on shares of Amazon but sees it rising less than previously expected in 2023. The firm slashed its 12-month price target to $130 from $145 in a Dec. 16 note. The new price target implies more than 46% upside to where shares currently trade. JPMorgan's previous price target implied a nearly 64% upside for the technology company.
"Importantly, our 4Q revenue estimate includes AWS growth of +21% Y/Y, further deceleration from the mid-20's% 3Q exit rate, reflecting greater macro pressure on cloud spending," Anmuth said. The firm's total 2023 revenue estimate is down about 2% to $563 billion, including 17% AWS revenue growth on the year. In addition, their 2023 operating income estimate comes down 21% to $19.4 billion.
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