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 分析師 優素福·斯誇利 重申了買入評級 亞馬遜公司 納斯達克股票代碼：AMZN），目標股價爲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.
這位分析師仍然看好AMZN，他對北美電子商務業務的專有追蹤顯示出強勁的需求，截至7月12日，這略高於市場普遍預期（包括穩健的Prime Day活動），廣告業務的表現可能跑贏大盤。
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.
這一趨勢也與NRF的數據一致，該數據顯示，4月份在線增長同比增長6.4％，5月份增長8.7％，6月份增長9.9％，這反映了消費者的健康。Squali預計，AWS面臨的不利因素將在23年下半年恢復正常，增長將在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，分析師認爲，AMZN將繼續優化和精簡其整個組織的成本，推動短期和中期利潤率的增長。
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預計，AMZN公佈的總收入將達到1313億美元，接近其1270億至1330億美元預期的高端，幾乎符合共識的1315億美元。
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.
這位分析師預計北美收入爲803億美元，而共識爲798億美元，並指出Truist Card的數據支持他的估計。
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.
他預計，國際收入將從23年第一季度的1％加速至本季度的8％（共識爲同比增長9.5％），因爲該地區的表現更容易（22年第二季度同比下降12％，而22年第一季度爲-6％），而且歐盟消費者信心有所改善，根據歐盟委員會的數據，消費者信心在整個季度逐月改善。對於AWS來說，重要的是，分析師預計收入將同比增長10％（至218億美元），符合共識，而在23年第一季度/第二季度分別爲16％/20％，因爲客戶專注於成本控制，該細分市場面臨持續的宏觀相關壓力。
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預計營業收入爲51億美元（利潤率爲3.8％），而管理層的預期爲20億至55億美元，略高於共識的48億美元（利潤率3.6％）。
Price Action: AMZN shares traded higher by 0.39% at $130.47 on the last check Friday.
價格走勢： 週五最後一次支票顯示，AMZN股價上漲0.39％，至130.47美元。