Amazon reports 4th-quarter earnings on Thursday. Here’s what 3 Wall Street analysts are talking about. (AMZN)

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Price Target: $2,330

Rating: Buy

Bank of America expects fourth-quarter revenues to land modestly above analysts’ consensus estimate. The bank’s bull case involves an online store sales beat fueled by one-day shipping, as such a positive figure would show investment in the rapid shipping program quickly paying off. A bear case would include another quarter of slowing AWS growth and a negative revision for 2020 profits.

First-quarter guidance presents a sizable risk, but the Amazon “ecosystem” has been improved through delivery investment, a growing retail business, and AWS stabilization, the analysts noted. Wall Street should focus on strong retail sales and improving AWS trends if first-quarter projections fall under expectations, they added.

“We think 2020 ends better than it starts,” the team wrote.

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