Amazon Jumps 5% as Morgan Stanley Names It Top Pick on Faster AWS Growth
Amazon shares rose 5% after Morgan Stanley designated the company as its top pick, citing accelerating expansion in its AWS cloud division.
Amazon shares rose by approximately 5% after investment bank Morgan Stanley named the company its top pick, financial news outlets 24/7 Wall St. and Seeking Alpha reported. The bank attributed its positive rating to expectations of accelerating growth in the company's cloud computing division, AWS.
Alongside the rise in Amazon stock, modest gains were also recorded in shares of Microsoft and Alphabet. According to Seeking Alpha, infrastructure company CoreWeave also received an analyst upgrade during the trading session.
Further details regarding forecasts and market trends have not yet been released.
Sources: Seeking Alpha, 24/7 Wall St.
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