J.P. Morgan reported that Amazon (NASDAQ:AMZN) cloud services (AWS) growth slowed and profit margins were under pressure, but at the same time, better-than-expected retail revenue and improved leverage levels offset the impact, making the company’s fourth-quarter results last year and the outlook for the first quarter of this year mixed. Amazon CEO Andy Jassy revealed that he will focus on customers and reduce costs as a top priority, while not giving up long-term strategic investments and reducing costs and increasing efficiency. J.P. Morgan expects that the poorer-than-expected growth of AWS in the first quarter of this year, coupled with the pressure on margins in the fourth quarter of last year, will exacerbate concerns about the development of cloud business, but still believes that retail growth can accelerate this year, while looking forward to the recovery of operating profit in North America and the year-on-year decline in capital expenditure, which will help free cash flow to reach an inflection point, maintain an optimistic view on the company, and raise the target price from $130 to $142, rating overweight.