Redburn Atlantic raised the firm’s price target on Amazon.com (AMZN) to $235 from $225 and keeps a Buy rating on the shares. The market is turning attention to “sustainable moats” within the artificial intelligence ecosystem, and full-stack vertical integration “stands out as a defining advantage,” the analyst tells investors in a research note. The firm says Amazon Web Services “continues to solidify its leadership in this area.” With a “strong networking backbone and increasingly competitive AI accelerators, AWS is rapidly advancing across the stack,” contends Redburn. In addition, the firm believes Anthropic’s fast market share gains further reinforce AWS’s position. It anticipates significant announcements from Amazon at re:Invent 2024.
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