Amazon's Bullish Outlook Supported by Strong E-commerce Demand and Cost Optimization, Analyst Predicts $131.3B in Total Revenue
Amazon's Bullish Outlook Supported by Strong E-commerce Demand and Cost Optimization, Analyst Predicts $131.3B in Total Revenue
Truist analyst Youssef Squali reiterated a Buy rating on Amazon.Com Inc (NASDAQ:AMZN) with a price target of $144.00.
Truist 分析师 优素福·斯夸利 重申了买入评级 亚马逊公司 纳斯达克股票代码：AMZN），目标股价为144.00美元。
The analyst remains bullish on AMZN, with his proprietary tracking of North American e-commerce business showing resilient demand, which is slightly ahead of consensus estimates through July 12 (including a solid Prime Day event), and the ads business likely outperforming.
这位分析师仍然看好AMZN，他对北美电子商务业务的专有追踪显示出强劲的需求，截至7月12日，这略高于市场普遍预期（包括稳健的Prime Day活动），广告业务的表现可能跑赢大盘。
This trend also aligns with NRF data, which shows that online growth was +6.4% Y/Y in April, +8.7% in May, and +9.9% in June, reflecting a healthy consumer. Squali expects headwinds to AWS to normalize in 2H23, with growth re-accelerating in 1H24.
这一趋势也与NRF的数据一致，该数据显示，4月份在线增长同比增长6.4％，5月份增长8.7％，6月份增长9.9％，这反映了消费者的健康。Squali预计，AWS面临的不利因素将在23年下半年恢复正常，增长将在24年上半年重新加速。
Notably, the analyst sees AMZN continuing to optimize and streamline its costs across the organization, driving margin expansion near and medium term.
值得注意的是，分析师认为，AMZN将继续优化和精简其整个组织的成本，推动短期和中期利润率的增长。
Squali expects AMZN to report total revenue of $131.3 billion towards the higher end of its $127 billion - 133 billion guidance and virtually in line with the consensus of $131.5 billion.
Squali预计，AMZN公布的总收入将达到1313亿美元，接近其1270亿至1330亿美元预期的高端，几乎符合共识的1315亿美元。
The analyst expects North American revenue of $80.3 billion vs. consensus of $79.8 billion and notes that Truist Card data support his estimate.
这位分析师预计北美收入为803亿美元，而共识为798亿美元，并指出Truist Card的数据支持他的估计。
He expects International revenues to accelerate to 8% Y/Y in the quarter from 1% in 1Q23 (consensus is at +9.5% Y/Y) as the region laps an easier comp (-12% Y/Y in 2Q22 vs. -6% in 1Q22) and consumer confidence improves in the EU as per European Commission Data, consumer confidence improved sequentially each month throughout the quarter. Importantly for AWS, the analyst expects revenue growth of 10% Y/Y (to $21.8 billion), in line with consensus, and vs. 16% / 20% Y/Y in 1Q23 / 4Q22 respectively, as the segment faces continued macro-related pressure as clients focus on cost containment.
他预计，国际收入将从23年第一季度的1％加速至本季度的8％（共识为同比增长9.5％），因为该地区的表现更容易（22年第二季度同比下降12％，而22年第一季度为-6％），而且欧盟消费者信心有所改善，根据欧盟委员会的数据，消费者信心在整个季度逐月改善。对于AWS来说，重要的是，分析师预计收入将同比增长10％（至218亿美元），符合共识，而在23年第一季度/第二季度分别为16％/20％，因为客户专注于成本控制，该细分市场面临持续的宏观相关压力。
Squali expects an operating income of $5.1 billion (3.8% margin) vs. management's guidance of $2 billion - $5.5 billion, slightly ahead of the consensus of $4.8 billion (3.6% margin).
Squali预计营业收入为51亿美元（利润率为3.8％），而管理层的预期为20亿至55亿美元，略高于共识的48亿美元（利润率3.6％）。
Price Action: AMZN shares traded higher by 0.39% at $130.47 on the last check Friday.
价格走势： 周五最后一次支票显示，AMZN股价上涨0.39％，至130.47美元。