Jefferies raised the firm’s price target on Amazon.com (AMZN) to $235 from $225 and keeps a Buy rating on the shares after Q3 EBIT margin hit a new record 11.0%, driven by new records at AWS of 38.1% and International of 3.6%. AWS revenue acceleration of “only” 40 basis points quarter-over-quarter to 19.1% was “slightly disappointing,” but management noted it is supply constrained and growth could improve over time, while Q4 EBIT guidance of $16B-$20B “put a dagger” on feared investor “boogey” of $16.5B-$17B at the high end, the analyst added.
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