he has an outperform rating and with the bear case for some balance here we have barton crockett, rosenblatt securities who has a hold rating on amazon and a $107 price target. jason, barton, thank you very much we will start, first of all, with jason he's going to make the case because this is a stock that is obviously on people's shopping list, if it goes down in value why does it belong there, and how high could it go, jason? >> sure, so this is a business of today that the market's basically valuing the retail business at zero or less than zero so when you take a look at the aws business, i think it's ironic, two internet/media analysts, you know, talking about this company when effectively 100% of the value today or most to have is actually the cloud business. so if you put 25 times next year's aws profit like ebit including depreciation and then you put ten times on advertising this year, eight times next year eb ebitda, assuming a 65% margin, you're basically paying, you know, nothing for the retail business, nothing for prime, nothing for pay by prime so really, that is the opportuni

with us now is barton crockett, from rosenblatt securities. his -- let's start with twitter.e the price target and you have seen what they said today. i guess your target is based around the legal decision going to be made about whether elon musk will walk away or not. what are the assumptions you are making? barton: our reading of the lawsuit, with help, is that must is very likely to see very clearly from the judge that he will be compelled to do the deal. so the $52 price target is a slight break from the deal price, assuming there is a moderate deal with think there is a lot of leverage on twitter's side. you can see that it is nice to see something other than fundamentals to drive a stock which is what we get with twitter. alix: part of the story everyone is digging about is off-line they will negotiate a lower deal for twitter, maybe in the 40's. what is the probability of that happening? barton: i don't put much possibility on that. the board at twitter has to move ahead and maximize value for shareholders. the judge, we think, has very clear precedent. so far early it