JPMorgan's Top Picks for 2024: Amazon and Google

Analyst Thomas Champion of Piper Sandler has named Amazon as his top large-cap pick for 2024, citing the potential for improved retail margins and strong momentum in the cloud. Champion believes that Amazon's retail margins have significantly improved and that spending on Amazon Web Services (AWS) will accelerate next year. A recent survey by Piper Sandler also indicated increased net spending intentions for AWS. Champion's price target for Amazon's stock implies roughly 25% upside. Among smaller internet companies, Champion's top pick is Pinterest, which has been performing well and is expected to beat Wall Street targets in 2024.