大摩称亚马逊(AMZN.US)是“最被低估生成式人工智能赢家” 维持“增持”评级

Core Viewpoint - Morgan Stanley identifies Amazon (AMZN.US) as a top pick, believing that its cloud services and retail business are undervalued beneficiaries of generative artificial intelligence (GenAI) [1] Group 1: Investment Rating and Price Target - Morgan Stanley maintains an "Overweight" rating on Amazon with a target price of $300 [1] - Amazon's current stock price corresponds to a 19x GAAP earnings per share for 2027, implying a forward earnings growth rate of approximately 20% [1] - The stock is trading at a 40% discount compared to peers on a PEG basis [1] Group 2: Key Catalysts for Growth - Amazon Web Services (AWS) is expected to achieve over 30% growth while maintaining strong order backlog, despite short-term growth being constrained by computing power and data center deployment [2] - The company is leveraging an AI shopping assistant, Rufus, to expand its vertical advantages and create synergies with horizontal agents like OpenAI, Gemini, and Meta (META.US) [2] - Enhanced consumer value and penetration are anticipated through comprehensive product and price comparisons, a rich SKU offering, and efficient delivery [2]