Analyst Note
| Dan Romanoff, CPA |We view shares of wide-moat Amazon as increasingly attractive in the recent sell-off related to growth-oriented technology stocks, and we highlight it among our top picks currently while reiterating our $4,000 fair value estimate. Our long-term investment case centers around Amazon’s dominance in both e-commerce and public cloud services through Amazon Web Services (AWS) as well as its quiet strength in its unique advertising business.