BNP Paribas Exane Initiates Amazon (AMZN) at Outperform, Says AI Concerns Are Overblown

Core Viewpoint - Amazon.com, Inc. is recognized as a leading player in cloud computing, e-commerce, and advertising, with BNP Paribas Exane initiating coverage with an Outperform rating and a price target of $320.00, citing overblown concerns regarding underinvestment in AI [1][2][3]. Group 1: Company Positioning - Amazon is well positioned to maintain its leadership in cloud computing and e-commerce sectors, with significant growth potential in advertising [2][3]. - The company is actively building AI infrastructure and integrating AI models across AWS and its consumer ecosystem, which counters concerns about underinvestment in AI [3]. Group 2: Investment Outlook - The firm believes Amazon represents the most robust business within its e-commerce coverage, characterized by multiple growth levers including retail, AWS, and advertising [3]. - While acknowledging Amazon's potential, the firm suggests that other AI stocks may offer greater upside potential and less downside risk [5].