Morgan Stanley Analyst Sees Efficiency Upside for Amazon, Predicts 20% - 60% Stock Price Upside
Morgan Stanley Analyst Sees Efficiency Upside for Amazon, Predicts 20% - 60% Stock Price Upside
The analyst notes that AMZN trades at ~27X this "efficiency upside" FY25 EPS, or a 0.6X PEG, a ~15%-75% discount to consumer, retail, and mega-cap tech peers. Morgan Stanley analyst Brian Nowak has an Overweight rating on Amazon.Com Inc (NASDAQ:AMZN) with a price target of $175.
摩根士丹利 分析師 布萊恩·諾瓦克 “增持” 評級爲 亞馬遜公司 納斯達克股票代碼：AMZN），目標股價爲175美元。
His analysis gives him more confidence in his $4.40 base case FY25 EPS while also painting a path toward ~$5.20 of FY25 EPS in an "efficiency upside" case.
他的分析使他對25財年每股收益4.40美元的基本情況更有信心，同時也在 “效率上升” 的情況下爲25財年每股收益約5.20美元開闢了道路。
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The analyst notes that AMZN trades at ~27X this "efficiency upside" FY25 EPS, or a 0.6X PEG, a ~15%-75% discount to consumer, retail, and mega-cap tech peers.
這位分析師指出，AMZN的交易價格約爲25財年每股收益的 “效率上行空間” 的27倍，或0.6倍的PEG，與消費、零售和大型股科技同行相比，折扣約爲15％-75％。
Nowak expects AMZN to remain disciplined and ROI-focused on forward investment in core (grocery) and emerging (Kuiper, Echo) projects.
諾瓦克預計，AMZN將保持紀律，專注於對核心（雜貨）和新興（Kuiper、Echo）項目的遠期投資。
However, he thinks that the path to $5+ of EPS will likely come down to efficiency from 3 main areas, including lower shipping and fulfillment cost/unit through higher square footage/headcount utilization, content cost discipline quickly leading to reported retail profit upside, and 1P merchandise margins still below FY18/FY19 levels, and every 100bp is ~$2 billion of EBIT.
但是，他認爲，每股收益超過5美元的道路可能歸結爲三個主要領域的效率，包括通過更高的平方英尺/員工利用率降低每單位的運費和配送成本，內容成本紀律迅速導致報告的零售利潤上漲，以及1便士的商品利潤率仍低於18/2019財年的水平，每100個基點約爲20億美元的息稅前利潤。
In his view, $5+ of EPS from "efficiency upside" paints the path toward a $160-$230 share price (60% upside).
在他看來，“效率上漲” 帶來的5美元以上的每股收益爲160-230美元（上行空間爲60％）鋪平了道路。
Price Action: AMZN shares traded higher by 0.25% at $145.22 on the last check Thursday.
價格走勢： 在週四的最後一張支票中，AMZN股價上漲0.25％，至145.22美元。
