The Top Mag 7 Stock Headed Into Q2 Earnings: Jefferies Says Buy Amazon Over Tesla or Apple

Jefferies reiterates Amazon as its top Magnificent 7 pick heading into Q2 earnings, arguing it offers the best mix of valuation, growth, and operating momentum versus Tesla and Apple. The article highlights Amazon’s lower forward P/E (29), stronger expected AWS growth (32%), and rapid Q1 earnings growth (74.8% YoY), supported by a near-$500 billion AWS backlog and strong Prime Day spending trends. Apple is presented as the better choice for income-focused retirees thanks to its dividend, recent $100 billion buyback, and exceptional ROE, while Tesla is criticized for its extreme valuation and weaker earnings trajectory. Overall, the piece frames Amazon as the most attractive long-duration accumulation stock, with the earnings report on July 30 seen as a key catalyst.