Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Analysts across the board have lowered their price targets for Amazon in the wake of their lower-than-expected revenue.
Despite reporting a $15.12 earnings per share, above the expected $12.30 EPS, Amazon shares fell.
This was down to the company reporting revenue of $113.08 billion, below the anticipated $115.2 billion.
Analysts reacted by expectedly lowering price targets for the stock:
UBS analyst, Michael Lasser, lowered Amazon's price target to $4,20 from $4,350, keeping a Buy rating on its shares and stating that revenue came in lower than anticipated, which was driven by consumers spending less online as they gravitated back to stores and engaged in more leisure activities.
Jason Helfstein at Oppenheimer cited lower than expected second-half growth for his reasoning in lowering Amazon's price target to $4,200 from $4,400.
And finally, Raymond James analyst, Aaron Kessler, lowered the firm's price target on Amazon.com to $3,900 from $4,125, keeping an Outperform rating on the shares. Kessler said he believes overall growth rates remain healthy and is looking for retail growth to reaccelerate in 2022.
Amazon shares are currently down 67.05% at $3,346.19 on Friday.
Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now
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