Goldman Sach’s technology analysts have zeroed in on companies with the “most compelling risk/reward skew” in the event of an economic slowdown, and selected Amazon (AMZN) as their top pick, CNBC reports.

Goldman has a $145 price target on Amazon, which would mean it would have to rise 54% from its March 8, 2023 close of $93.92.

Amazon has a “multi-year operating income margin expansion story” and the benefit of “higher profit margin mix contribution” from its cloud and digital advertising lines of business, the Goldman analysts wrote in a client note Monday.

The stock strategists said a defensive and steady play was the primary reason behind their top 5 technology recommendations.

“We remain in an environment where investor interest in low/no GAAP profitable companies and/or companies with low stock trading liquidity or market capitalization remains depressed,” said Goldman Sachs internet analyst Eric Sheridan.

“In our investor conversations over the past 2 months, many investors continue to see a probability of a regional/global consumer slowdown in the next 6-9 months and remain in a defensive posture with respect to the sector,” Sheridan said.

Besides Amazon, here are Goldman Sachs’ analysts other four top technology picks, selected for their “stable/improving revenue trends, ability to manage for improved margin trajectory (in various economic outcomes) and investor ‘wall of worry’ at the center of any key debates”:

Uber Technologies (UBER)

Alphabet Class A (GOOGL)

Meta Platforms Inc. (META)

Lyft Inc. (LYFT)