- Citi analyst Ronald Josey revisited Amazon.com Inc's (NASDAQ:AMZN), naming veteran executive Doug Herrington as CEO of Worldwide Amazon Stores (renamed from Worldwide Consumer) and promoting John Felton as its new head of Operations.
- Given this announcement comes ~2 weeks post Dave Clark's resignation, Josey expected minimal disruption to store operations.
- While Josey recognized the challenges a potential weaker macro is likely to have overall, he also believed Amazon could gain wallet share during periods of macro uncertainty.
- He noted Doug Herrington was most recently head of Amazon's North American Stores business and has been a member of the S-team since 2011. John Felton led Amazon's Global Delivery Services and was also a member of the S-team since September 2020.
- He believed Amazon could improve operating margins and reiterated a Buy rating and $205 target price.
- Price Action: AMZN shares traded higher by 3.33% at $112.55 on the last check Thursday.
- Photo by christian-wiediger via unsplash
