How one tech giant could have up to 60% upside from here, according to Morgan Stanley

Analyst Brian Nowak rated Amazon a 'top pick' and maintained his overweight rating on the stock.

Amazon still has room to run as it drives profit back to pre-pandemic levels, according to Morgan Stanley. Analyst Brian Nowak rated Amazon a "top pick" and maintained his overweight rating on the stock. He also kept his price target of $175 on shares, which implies 20.8% upside from Wednesday's closing price of $144.85.

Here's how the analyst thinks Amazon can improve its retail profitability: Lower shipping and fulfillment cost per unit through higher square footage and logistics employee utilization, which Nowak sees as "the largest driver of efficiency" and significant driver of higher profitability. Increased discipline on content spend, which the analyst said can quickly result in billions of retail profit upside.

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