Wells Fargo raised the firm’s price target on Amazon.com (AMZN) to $212 from $197 and keeps an Equal Weight rating on the shares ahead of quarterly results. The firm is raising Q4 operating income to $20.7B, above the HE of the guide, on better North America retail trends and lower Kuiper losses driving improved NA OI margins. Q1 NA OI margin outlook also seen as improved relative to prior view. Wells remains on the sidelines but tactically positive here.
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