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Amazon's Cloud Services Could Add $1 Billion To Revenue, Says Pacific Crest

Amazon's Cloud Services Could Add $1 Billion To Revenue, Says Pacific Crest -, Inc. NASDAQ:AMZN, Adobe Systems Incorporated NASDAQ:ADBE

Pacific Crest's Brent Bracelin recently attended, Inc. AMZN's Amazon Web Services (AWS) Summit and remained impressed with the company's ability to capitalize on the multi-year secular shift to cloud platforms.

The event clearly showcased AWS's "sustaining momentum within large enterprises," Bracelin said. He then went on to highlight the following names, which illustrate that very point:

Related Link: Amazon Prime Day Recorded 50% Year-Over-Year Order Growth Across Multiple Metrics

New Initiatives

Amazon outlined the best practices on hybrid cloud systems as a stepping stone into the public cloud, according to Bracelin. One notable new initiative included adding a new data migration service for Teradata Corporation TDC and Oracle Corporation ORCL's data warehouse environments.

"Bottom line: the overall tone and conversations with third-party partners confirmed that cloud demand trends for AWS remain robust," stated the Pacific Crest analyst. The feedback further supported Bracelin's $1 billion annual increase in revenue for AWS.

The analyst maintains his Overweight rating and $820.00 price target.

At time of writing, Amazon was up 0.50 percent on the day at $746.67.

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