Oppenheimer analyst Jason Helfstein said the firm's Cloud Services teams' checks over the past couple of weeks suggest that Amazon's (AMZN) AWS is even more efficient than previously expected, leading to an upward revision of their AWS estimates.
In addition, he sees the eCommerce business continuing to benefit from category expansion, specifically in fragmented categories such as Consumer Packaged Goods and apparel. Helfstein raised his price target on Amazon to $930 from $780 and keeps an Outperform rating on the stock.
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