Amazon.com, Inc. AMZN's AWS momentum is continuing, particularly among job postings. Raymond James kept its Outperform rating and $770 price target on the stock.
"AWS lagged only Cisco and VMware in total job postings in our sample, which is to be expected given how entrenched both companies are in the enterprise," the firm said in a note Tuesday. "Notably, AWS job postings now lag VMware by only 14% vs. 26% previously, demonstrating AWS is increasing in significance. Impressively, AWS’s 19,823 job postings came in ~10,700 postings above Microsoft Azure, extending the lead from our last analysis in January (~9,070)."
Why is this happening?
"[O]ld tech postings are generally decreasing while new tech job (e.g., cloud) postings are generally increasing. We view this as a sign as cloud is receiving more mainstream acceptance within the enterprise, a point that was recently echoed at ShopTalk when legacy retail was told to adopt cloud to reduce capex and improve conversion."
Shares closed Tuesday at $723.74.
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