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UPDATE: Amazon (AMZN) PT Lowered to $168 at BofA, Remains Bullish on 'Depressed Profits and Valuation'

July 20, 2022 5:55 AM EDT
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Price: $93.41 -0.76%

Rating Summary:
    57 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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(Updated - July 20, 2022 7:49 AM EDT)

BofA Securities analyst Justin Post lowered estimates and the price target on Amazon.com (NASDAQ: AMZN) to $168.00 (from $188.00) while maintaining a Buy rating ahead of earnings. While the consumer outlook is cloudy, they remain positive on depressed profits and valuation.

The analyst commented, "Amazon (AMZN) reports 7/28 and we are lowering 2022 & 2023 estimates to reflect recent FX pressure and BofA outlook for mild 4Q recession. Ex-FX, we expect meet/beat 2Q, as BAC aggregated credit and debit card data points to 2pts of q/q US eCommerce growth, in-line with estimates. For 3Q, Prime Day results and our BAC data on Fourth of July (see reports) Online spending point to a good start to the quarter, but we still see some risk to margin guide given gas price inflation and industry gross margin pressure. FX is a big 3Q headwind (not fully in Street ests), but the good news is eCommerce industry comps ease materially going forward."


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