Amazon (AMZN, Buy, $225 target) Inventory pull-forward mitigates tariffs....for now
What’s New: In this first take following tonight’s results, we focus on:1. 2Q tariff impacts mitigated by inventory pull forward, Essentials increasingly important
2. AWS impacted by variable migrations/sales cycles, AI capacity constraints easing in 2H
3. 2Q25 margins impacted by seasonal SBC and Kuiper
Amazon.com serves consumers through its online and physical stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and the company develops and produces media content. The company operates customer service centers and provides programs that enable sellers to grow their businesses, sell their products in its stores, and fulfill orders through the company The company serves developers and enterprises of various sizes, including start-ups, government agencies, and academic institutions, through its Amazon Web Services segment, which provides a set of global compute, storage, database, and other service offerings. The company also provides services, such as advertising.
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