• Citi analyst Ronald Josey reiterated a Buy rating on Amazon.com Inc AMZN with a $185 price target.
  • Amazon’s refreshed device lineup furthers its connected home vision, the analyst said. 
  • While he expected an updated Echo, Kindle readers and Fire devices ahead of the holiday season, Josey said the most noteworthy of the announcements was the expansion of Amazon’s smart TV lineup with the Omni QLED Series. 
  • Access to streaming content is core to the new TVs. Given the early success of Thursday Night Football and The Rings of Power. Prime Video is increasingly becoming a Prime acquisition tool in addition to a retention tool, Josey said. 
  • Amazon remains the analyst’s top pick as a result of its Prime Early Access Sale ahead of the Holiday season, improving Prime member engagement, steady Web Services growth and progress on cost efficiencies. He said the cost efficiencies helped Amazon boost pay for delivery and logistics employees.
  • AMZN Price Action: AMZN shares traded lower by 3.32% at $114.09 on the last check Thursday.

 


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