UPDATE: Amazon.com (AMZN) PT Lowered to $4,300 as Morgan Stanley Sees A Path to Revenue Reacceleration
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Morgan Stanley analyst Brian Nowak lowered the price target on Amazon.com (NASDAQ: AMZN) to $4,300.00 (from $4,500.00) noting that near-term estimates are heading lower on a steeper retail deceleration and bigger than expected step-up in logistics and AWS investment.
The analyst reiterated the Overweight rating, stating "AMZN’s slower than expected retail revenue growth and lower profitability (from surging investment) send estimates lower today. Over the long-term we see these investments leading to deeper core retail and AWS moats (why we remain bullish). From a tactical perspective, we see this retail deceleration putting even more importance on a same day offering, which we see as a potential revenue and market share accelerant. We lower PT to $4,300 but remain OW."
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