[DEVELOPING] Morgan Stanley names Amazon a top pick and lifts AWS growth forecasts, citing Nvidia GPU volumes
Morgan Stanley's Brian Nowak named Amazon a top pick on Oct 19, kept an Overweight rating and raised the price target to $350 from $335. He lifted AWS revenue growth forecasts to 47% for 2027 and 42% for 2028, from 41% and 37%. 24/7 Wall St. reports the change follows Nvidia's disclosure that AWS is expected to buy and deploy about 2 million Nvidia GPUs over that period, and that Morgan Stanley's capex forecasts rose to $355B for 2027 and $365B for 2028. Shares rose about 5% to roughly $262. Amazon's Q3 results on Oct 29 are the next test of the AWS acceleration and capex case.