Subject: Piper Sandler sets AMZN as top large cap pick for
Piper Sandler Names Amazon (AMZN) Top Large Cap Pick

"We see the most upside for Amazon(AMZN.US) among our large caps into '24. Retail margins have improved significantly, and we still think Street operating income looks conservative into '24 on incremental numbers. AWS spend is set to accelerate and data from our PSC '24 CIO Survey gives us greater confidence AWS will see greater spend into '24. Net spending intentions at AWS were the only Cloud provider to increase (+2%) versus 1H23. Following both strong CIO and Ad Buyer surveys for next year, we are raising our '24 AWS revenue +1% and ads revenue +2%."