- Deutsche Bank initiated coverage of the Big Techs, justifying his optimism behind the stocks.
- Analyst Lee Horowitz initiated Amazon.com Inc (NASDAQ:AMZN) with a Buy and $4,100 price target (39.6% upside).
- He believed that the market was under-appreciating upside associated with retail revenue, multi-channel grocery share gains, and the Amazon Web Services revenue implication of the backlog additions that the company had added in 2020 and 2021.
- Analyst Benjamin Black initiated Meta Platforms Inc (NASDAQ:FB) with a Buy and $265 price target (35.8% upside).
- He argued the issues around ESG and the fallout of IDFA as transitory and manageable and more than discounted at current levels.
- Black initiated Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) with a Buy and $3,150 price target (18.7% upside).
- Google is a structural winner from the secular trend of commerce and services shifting from offline, physical venues to digital storefronts and "clearly stands to benefit" from e-commerce becoming an ever-increasing channel within global retail.
- Price Action: AMZN shares traded higher by 0.43% at $2,948 in the market on the last check Friday.
