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$Amazon.com(AMZN)$Amazon's fantastic second-quarter revenue of $119.8 billion and full-year 2022 revenue of $523 billion. Analysts estimate that these are slightly below the consensus of $119.9 billion for the quarter ending June and 525.7 billion for the full year, according to FactSet.Jones also agrees on Anmuth’s point that Amazon’s e-commerce business has runway for growth. Though in the near-term, consumer dollars are going to shift more toward offline alternatives and e-commerce will be pressured, “we expect improvements in 2H22″ as macro conditions moderate, he noted.Besides e-commerce, Jones highlighted the cloud opportunity. “We look for AMZN to continue being a dominant player in the Cloud business” as need for more flexible IT infrastructure will keep adoption rates elevated.To be sure, Jones, who rates the stock at Market Outperform, did lower his price target on the stock to $3,450 from $3,600 based on a valuation methodology. Anmuth kept his Overweight or Buy equivalent rating and $4,000 target on the stock.Amazon was up 3.2% to $2,481.92 on Wednesday after the notes. The stock is down 25.6% this year.Out of the 51 analysts tracking the stock, 48 are bullish while two rate it as Hold and one as Sell. Average price target on the stock is $3576.48, according to FactSet.
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