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Analyst raises Amazon to 14% upside on ad growth potential

Published 01/29/2018, 01:04 PM
© Reuters.  Analyst raises Amazon to 14% upside on ad growth potential
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  • Citi reiterates its Buy rating for Amazon (NASDAQ:AMZN) but raises the price target from $1,400 to $1,600, a 14% upside to Friday’s close.
  • Analyst Mark May calls Amazon a “top pick in part due to the ad opportunity still being under-appreciated.”
  • May notes that Google (NASDAQ:GOOGL) and Facebook (NASDAQ:FB) combine to take 70% of the U.S. digital ad market, but Amazon can use its e-commerce operations to grow.
  • The analyst forecasts Amazon’s ad business sales to grow from $10.2B this year to $50.6B by 2028.
  • Amazon shares are up 1.7%.
  • Now read: Amazon: What To Expect For AWS In Q4


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