Amazon Stock (AMZN) Falls as Raymond James Cuts Price Target by Nearly 30%
The stock of Amazon (AMZN) is down about 5% after Raymond James Financial (RJF) downgraded the e-commerce giant, saying the company is likely to be hurt by U.S. tariffs on Chinese goods.
Josh Beck, a top five-star analyst, lowered his rating on AMZN stock to outperform from strong Buy previously. He also cut his price target on the stock to $195 from $275, a reduction of 29%. It is a rare downgrade for Amazon, whose stock is typically upgraded by Wall Street investment banks such as Raymond James.
“To be clear, we remain constructive on AI prospects/long-term investments, but with rising EBIT [earnings before interest and taxes] risk/limited monetization progress it is more challenging for us to stick with our Strong Buy…
