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Buy Amazon on 'dominant leadership,' Nomura says

An employee lifts a box from a conveyor at the company's fulfillment center in Tracy, California.
David Paul Morris | Bloomberg | Getty Images

Nomura initiated coverage of Amazon with a buy rating on the prospect of strong growth in the e-commerce and cloud computing markets in coming years.

"Amazon is positioned to be the foremost beneficiary of two of the most important secular trends in the global economy," analyst Anthony DiClemente wrote in a note to clients Tuesday.

"(1) the continued shift of consumer spending away from traditional bricks-and-mortar retail and toward e-commerce, and (2) the ongoing conversion of enterprise software spend away from on-premise deployments to cloud deployments."