- UBS analyst Kunal Madhukar assumed coverage of Amazon.com Inc AMZN with a Buy rating and $4,700 price target, implying a 36.5% upside.
- Amazon is the analyst's favorite name in the U.S. internet sector.
- The shares could see a multiple re-rating on positive estimate revisions for retail and Web Services as consensus revenue estimates are too conservatives, Madhukar notes.
- Further, the analyst believes Amazon has "multiple levers" to drive margins.
- Price Action: AMZN shares traded higher by 0.3% at $3,454.21 in the premarket session on the last check Thursday.
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