Bernstein Upgrades To Outperform After 16% Pullback

Bernstein analyst Mark Shmulik upgraded (AMZN) to Outperform from Market Perform with an unchanged price target of $3,400.

Recent work suggests that Amazon is positioned to increase its "dominant share position" when the return to physical stores occurs, Shmulik tells investors in a research note.

Further, Amazon has also "quietly made substantial inroads" into grocery and shopping verticals, adds the analyst. shares have sold off 16% in the last couple of weeks, creating an "attractive entry point," says Shmulik.

The analyst also believes the company is well positioned to benefit from the "permanent pull forward" in the hyper-scale cloud market.

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

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