亚马逊 - 解读亚马逊云科技叙事（增长 + 利润率）及未被充分认识的广告顺风

3 October 2025 | 12:11AM EDT Equity Research Amazon.com Inc. (AMZN) Framing the AWS Narrative (Growth + Margins) & Advertising Tailwinds as Underappreciated | AMZN | | --- | | 12m Price Target: $275.00 | | Price: $222.41 | | Upside: 23.6% | Ahead of Q3 earnings season and against the current backdrop of investor sentiment, positioning, and debates, we highlight AMZN as a preferred name among our large cap coverage. In this note, we frame the key investor debates around its AWS segment and the compounding ta ...