Jeff Bezos announces that he will step down as CEO of Amazon as the company reports its first $ 100 billion quarter. CFRA analyst Tuna Amobi in discussion with Yahoo Finance Live.

Video transcript

ZACK GUZMAN: Obviously, there are many reasons why you just increased your 12 month target price by $ 200 to 3,800. We can dive into these basics first. I just want to start with your response to this change in power in the position of CEO. What do you make of it?

TUNA AMOBI: Zack, this is extremely consistent news as Jeff Bezos is stepping back from everyday life and Andy Jassy who is very, very respected and is essentially a pioneer of cloud infrastructure. So we’re going to try to read the tea leaves and find out what this means for Amazon in the future. But it seems pretty clear to us that this will be a very seamless transition, right?

I mean, we knew the handwriting was always on the wall, that sooner than later Jeff Bezos would have a …

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