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The shares of Amazon (AMZN) recently received updated price targets. Here is an overview of the updated price targets.
Needham
Price target: $120
Rating: Buy
Needham analysts adjusted the rating while noting that the company is taking billions of dollars of new operating income from Cloud and Advertising and using it to cut prices in the core e-commerce business instead of reporting higher margins and return on invested capital.
Morgan Stanley
Price target: $140
Rating: Overweight
Morgan Stanley analysts adjusted the rating while noting that the company’s Retail and AWS businesses are slowing faster than expected. This leads to a slower realization of volume-based efficiencies and EBIT growth. But the analysts believe that these efficiencies will still happen next year as volumes grow. Plus he sees the company as being strategically positioned to take share within the retail and enterprise spending ecosystems through and post an economic downturn.
Deutsche Bank
Price target: Reduced from $150 to $130
Rating: Buy
Deutsche Bank analysts adjusted the rating after noting that the third-quarter and fourth-quarter outlook stoked fears around the company’s earning potential into what is likely to be a recessionary 2023.
Cowen
Price target: $155
Rating: Outperform
Cowen analysts adjusted the rating while noting that the third-quarter revenue was mostly fine. But they missed on Operating Income and the fourth quarter revenue while operating income guides were light. Plus the company management cited various macro headwinds driving lower consumer demand in the back half of the third quarter, more so in Europe than in the US.
Wells Fargo
Price target: $155
Rating: Overweight
Wells Fargo analysts adjusted the rating while citing that Amazon reported a mixed third quarter with revenue in line and operating income and EPS below the Street, as well as fourth-quarter guidance well below expectations. And the weakening macro is clearly challenging compared to what had earlier appeared to be an attractive second-half retail setup on easing growth comparisons.