Oppenheimer analyst Jason Helfstein has reiterated his positive outlook on Amazon.com Inc (NASDAQ: AMZN) and raised the price target from $170 to $200. Helfstein’s re-rating is based on expectations of higher e-commerce margins and an increased AWS multiple. He also reaffirmed AMZN as his top large-cap pick for 2024. Helfstein predicts that e-commerce margins, excluding advertising, will expand in FY24 and FY25 due to improved fulfillment network efficiency. He also increased his target AWS multiple, citing the recent increase in valuations for mature and high-growth software companies. Helfstein highlighted analyst Tim Horan’s positive takeaways from the recent AWS re: Invent conference, including the Nvidia partnership, Q (chatbot assistant), and upgrades to Zero-ETL. Helfstein projected Q4 revenue and EPS of $164.7 billion and $0.80. Wedbush analyst Scott Devitt also reiterated an Outperform rating on Amazon.com with a $180 price target. Devitt identified three primary objectives of Amazon’s generative AI strategy: providing a broad selection to clients, enabling easy adoption of generative AI services, and reducing costs through optimized chips. Devitt projected Q4 revenue and EPS of $165.9 billion and $0.86. Morgan Stanley analyst Brian Nowak had an Overweight rating on Amazon.com with a price target of $175. Notable announcements from the AWS re: Invent conference included an expanded Nvidia partnership, new GPUs, and supercomputer deployment. AMZN shares are currently trading higher at $146.72.