Amazon.com, Inc. (NASDAQ:AMZN) has been hit with a slew of analyst notes following its AWS event in Santa Clara. The AWS Summit is a free event is designed to educate new customers about the AWS platform, and offer existing customers information on architecture best practices and new services.
Merrill Lynch analyst Justin Post attended the AWS summit along with 8,000+ other attendees and wrote:
The keynote was delivered by Matt Wood, GM of Product Strategy, and highlighted on the expanding depth of AWS features. Mr. Wood emphasized AWS ’ growing strength in cloud computing with over 1 million customers and the largest partner and system integrator support in the industry. We did not note any substantial product announcements at this year ’s summit, but Amazon did highlight new tools to convert legacy database services to AWS and that database was the fastest growing product in AWS ’ history. See our “AWS Deep Dive – Moving Up the Cloud Stack ” for our AWS ests. and valuation views.
The analyst reiterated a Buy rating on shares of Amazon, with a price target of $840, which implies an upside of 14% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Justin Post has a yearly average return of 18.5% and a 71% success rate. Post has a 29.1% average return when recommending AMZN, and is ranked #31 out of 4060 analysts.
Out of the 46 analysts polled by TipRanks, 41 rate Amazon stock a Buy, while 5 rate the stock a Hold. With a return potential of 9%, the stock’s consensus target price stands at $802.85.