🚨BREAKING: Amazon stock surges 5% as Phillip Securities upgrades the stock and raises its price target. Phillip Securities upgraded Amazon (AMZN) to Buy from Accumulate with a price target of $330, up from $320, following the Q3 report. The price target implies more than 30% upside from current levels. The firm said Amazon's "strong" demand visibility supports its "aggressive" capital expenditures. In Q3, AWS revenue grew 39% YoY to $46 billion with a $578 billion backlog, giving Amazon the demand signal to justify its aggressive capital spending.
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