Benzinga | Dec 2, 2021 05:59AM EST

Read Why UBS Is Bullish On This E-Commerce Giant, Sees 37% Upside

* UBS analyst Kunal Madhukar assumed coverage of Amazon.com Inc (NASDAQ:AMZN) with a Buy rating and $4,700 price target, implying a 36.5% upside.

* Amazon is the analyst's favorite name in the U.S. internet sector.

* The shares could see a multiple re-rating on positive estimate revisions for retail and Web Services as consensus revenue estimates are too conservatives, Madhukar notes.

* Further, the analyst believes Amazon has "multiple levers" to drive margins.

* Price Action: AMZN shares traded higher by 0.3% at $3,454.21 in the premarket session on the last check Thursday.