大行评级｜美银：因SaaS板块估值普遍受压，下调亚马逊目标价至286美元，重申“买入”评级

Core Viewpoint - Bank of America has lowered Amazon's target price from $303 to $286, reflecting pressure on the valuation of the Software as a Service (SaaS) sector, but maintains a "Buy" rating due to expected acceleration in AWS growth and improved sentiment in the AI market [1] Group 1: Financial Performance Expectations - Amazon is expected to report fourth-quarter earnings on February 5, with projected revenue of $213 billion and EBITDA of $26 billion, surpassing market expectations of $211 billion and $24.6 billion respectively [1] - AWS revenue is anticipated to grow by 22% year-over-year, an increase from 20% in the third quarter and above the market expectation of 21% [1] Group 2: Business Growth Drivers - Continuous improvement in AWS capacity and strong demand as indicated by the CEO's recent comments are expected to support business growth and pricing power [1] - The report suggests that Amazon's stock may underperform the market until 2025 due to concerns over its AI strategy and cloud business growth [1] Group 3: Future Outlook - Improvement in AWS capacity is expected by 2026, along with the anticipated IPOs of several large AI companies in the next two years, which could provide favorable benchmarks for AWS valuation and potentially boost Amazon's overall valuation [1]