October 31, 2024

Amazon earnings live updates: Wall Street watching for margins, signs of consumer health

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JPMorgan says cloud computing will be a key area of strength

Annegret Hilse | REUTERS

JPMorgan highlighted Amazon Web Services, the firm’s cloud computing system, as a chief reason to stay bullish on the stock.

AWS will continue accelerating through 2025, aided by optimizations, new workload migrations, and Amazon’s growing monetization of artificial intelligence. The bank predicts AWS grew 21% year over year, surpassing Wall Street expectations.

JPMorgan expects third-quarter net sales to reach $157 billion, falling under consensus estimates of $157.3 billion.

Retail profits were likely pressured in the last quarter amid spending headwinds, including Prime Day discounts. According to the bank, consumers have turned cautious on discretionary items, while indicating a preference for deals. Together, these factors have depressed Amazon’s average selling prices.

JPMorgan has an “overweight” rating on Amazon and a $230 price target. This suggests nearly 23% upside from current levels.

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