By Christiana Sciaudone
Investing.com -- Buy Amazon (NASDAQ:AMZN). The recent sell-off presents the perfect entry opportunity, said Bernstein.
Analyst Mark Shmulik upgraded the stock to outperform from market perform with a price target of $3,400. Shares are trading up 3%, after a 16% drop recently. They were at around $3060 at midday Tuesday.
"All signs point to Amazon growing from a new level, increasing fulfillment capacity by 50% Y/Y this year through 100+ new facilities and plans to hire an additional 100K workers," Shmulik said, according to StreetInsider.
The recent announcement of 1,000 neighborhood hubs aligns with Bernstein's original thesis on an omni channel end state.
Amazon is well-positioned to benefit from the permanent pull forward in the hyper-scale cloud market and we continue to be the bull on the street for Amazon's ad business, Shmulik said