Citi reiterates a Buy rating on Amazon.com with a $245 price target after the company’s third party seller event, Amazon Accelerate. The analyst is “incrementally confident” that Amazon’s core retail segment can continue to gain greater wallet share as fulfillment efficiencies lower its overall cost to serve. With faster shipping speeds, the rise in essentials, and improving conversion rates, Amazon’s core retail business can deliver continued share gains and expanding margins as Web Services demand accelerates, the analyst tells investors in a research note.
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