Citi's Key Takeaways On Amazon's Recent Management Reshuffle

© Reuters. Citi’s Key Takeaways On Amazon’s Recent Management Reshuffle
  • Citi analyst Ronald Josey revisited Inc’s (: NASDAQ:), naming veteran executive Doug Herrington as CEO of Worldwide Amazon Stores (renamed from Worldwide Consumer) and promoting John Felton as its new head of Operations.
  • Given this announcement comes ~2 weeks post Dave Clark’s resignation, Josey expected minimal disruption to store operations.
  • While Josey recognized the challenges a potential weaker macro is likely to have overall, he also believed Amazon could gain wallet share during periods of macro uncertainty.
  • He noted Doug Herrington was most recently head of Amazon’s North American Stores business and has been a member of the S-team since 2011. John Felton led Amazon’s Global Delivery Services and was also a member of the S-team since September 2020.
  • He believed Amazon could improve operating margins and reiterated a Buy rating and $205 target price.
  • Price Action: AMZN shares traded higher by 3.33% at $112.55 on the last check Thursday.
  • Photo by christian-wiediger via unsplash

Latest Ratings for AMZN

Mar 2022 Deutsche Bank (ETR:) Initiates Coverage On Buy
Feb 2022 Tigress Financial Maintains Buy
Feb 2022 Credit Suisse (SIX:) Maintains Outperform

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