Amazon Leads Dow Gainers as Morgan Stanley Names Stock ‘Top Pick’

Key Takeaways

• Amazon shares gained Monday after Morgan Stanley named the company a “top pick.”

• The analysts see several catalysts for the stock, including outsized revenue growth from Amazon Web Services.

Amazon shares are on the rise after a fresh show of support from Morgan Stanley.

Shares of Amazon (AMZN) were up 5% to $262 in recent trading, leading gainers in the Dow Jones Industrial Average. In a note to clients over the weekend, Morgan Stanley analysts called the tech giant a “top pick” and lifted their price target on the stock to $350 from $335.

The analysts said they see several catalysts for the stock, including outsized Amazon Web Services (AWS) revenue growth, “which translates to better-than-priced AWS and Amazon earnings power.” They also pointed to purchases of…