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Amazon a Top Play on Expected Pickup in E-Commerce Growth in 2H 2022, UBS Says

3:47PM ET 12/13/2021 MT Newswires
Amazon (AMZN) tops the list of stocks that should benefit most as e-commerce growth picks up again in the second half of 2022, UBS said in a recent research note.

"Although the pandemic has pulled forward adoption by several years, we believe there is room for substantial growth as several large categories remain under-penetrated, UBS analysts including Kunal Madhukar said in the note. "We think accelerated store closures could fuel a negative feedback loop where lower selection in malls drives reduced foot traffic, which in turn causes further store closures."

Buy-rated Amazon "is our favorite name and we think that the multiple could rerate on 1) positive estimate revisions for Retail and AWS as we see Street revenue estimates too conservative, and 2) AMZN has multiple levers to drive margins, including

Fulfilled by Amazon (FBA) and Prime fee increases," UBS said in the note.

EBay (EBAY), also rated a buy at UBS, is set to benefit as well as the online consumer auctions platform focuses on advertising and looks to add shareholder value, the investment firm said.

In contrast, sell-rated Etsy (ETSY) is saddled with a rich valuation, a limited total addressable market and stalling buyer growth, according to the note.

Price: 3404.97, Change: -39.27, Percent Change: -1.14