S&P 500 flounders on tech wreck as economic concerns weigh

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Oppenheimer says 'layoffs are necessary' as they cut estimates at Amazon (AMZN)

April 6, 2023 8:20 AM EDT

Oppenheimer reiterated an Outperform rating on Amazon.com Inc. (NASDAQ: AMZN) but reduced their price target on the stock to $125.00 (From $135.00) after conducting a deep dive into the companys expenses. Following the investigation, analyst Jason Helfstein believes that the online retailer more layoffs are necessary for eCommerce to become meaningfully profitable.

Helfstein wrote in a note, We believe AMZN's 25% underperformance vs. Nasdaq LTM is... More