While reiterating our 1 rating on Amazon, we had no choice but to lower our price target on the selloff over management's massive spending guide.
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The market will nitpick a couple of areas in the quarter over the next few days, but the thesis on Amazon is unchanged.
Analysts remained overwhelmingly bullish on Amazon, although most cut their price targets.
Amazon's stock underperformance is eventually going to change, Jim Cramer argued Thursday.
With this quarter, the company went a long way in shutting up the naysayers.
Amazon said much of its big spending would be focused on artificial intelligence data centers.
The stock's April rally set a high bar heading into Wednesday's print. But the company's results resoundingly cleared it.
