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Amazon.com (AMZN) PT Lowered to $3,840 at Raymond James

October 29, 2021 7:15 AM EDT
Get Alerts AMZN Hot Sheet
Price: $114.80 -2.72%

Rating Summary:
    57 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 11 | New: 34
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Raymond James analyst Aaron Kessler lowered the price target on Amazon.com (NASDAQ: AMZN) to $3,840.00 (from $3,900.00) while maintaining an Outperform rating.

The analyst commented, "While Amazon reported another strong quarter of accelerating AWS growth and strong advertising growth, retail sales are slowing as consumers return to pre-COVID levels of online spending mix. Further, the company is anticipating significant labor and material cost pressure driven by inflation and global supply chain disruption which will weigh on near-term profitability. Amazon estimates labor, labor-related productivity losses, and cost inflation will results in $4B in incremental costs in 4Q. While near-term results are pressured by tough comps and inflationary pressures, we maintain our Outperform rating given 1) we continued to expect solid long-term eCommerce growth; 2) Continued leadership and momentum in cloud; 3) robust advertising growth; and 4) an improving long-term margin profile driven by strength of high margin areas including AWS and advertising."



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Raymond James, Aaron Kessler