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Benzinga
Benzinga
Business
Lisa Levin

Amazon To $160? These Analysts Cut Price Targets On Amazon After Q3 Results

Amazon.com, Inc. (NASDAQ:AMZN) reported upbeat earnings for its third quarter, while sales missed estimates. The company also issued weak sales forecast for the fourth quarter.

Amazon reported third-quarter revenue of $127.1 billion, an increase of 15% year-over-year. The total came in shy of a Street estimate of $127.84 billion. The company reported earnings per share of 28 cents in the third quarter, beating a Street estimate of 22 cents per share.

Amazon shares dropped 12% to $97.68 in pre-market trading.

These analysts made changes to their price targets on Amazon after the company released quarterly results.

  • Telsey Advisory Group cut price target on Amazon from $150 to $140. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating on the stock.
  • Needham lowered Amazon price target from $175 to $120. Needham analyst Laura Martin maintained a Buy rating on the stock.
  • Piper Sandler cut Amazon price target from $175 to $125. Piper Sandler analyst Thomas Champion maintained the stock with an Overweight.
  • Oppenheimer lowered the price target on the stock from $165 to $130. Oppenheimer analyst Jason Helfstein maintained the stock with an Outperform.
  • JP Morgan slashed Amazon price target from $175 to $145. JP Morgan analyst Doug Anmuth maintained an Overweight rating on the stock.
  • JMP Securities cut Amazon’s price target from $150 to $140. JMP Securities analyst Nicholas Jones maintained the stock with a Market Outperform.
  • Credit Suisse reduced price target on Amazon from $159 to $142. Credit Suisse analyst Stephen Ju maintained the stock with an Outperform.
  • B of A Securities cut Amazon’s price target from $157 to $137. B of A Securities analyst Justin Post maintained the stock with a Buy rating.
  • Truist Securities reduced Amazon price target from $170 to $160. Truist Securities analyst Youssef Squali maintained a Buy rating on the stock.
  • Barclays lowered price target on the stock from $200 to $140. Barclays analyst Ross Sandler maintained Amazon with an Overweight.
  • Raymond James cut the price target on the stock from $164 to $130. Raymond James analyst Aaron Kessler maintained Amazon with an Outperform.
  • Mizuho lowered Amazon’s price target from $155 to $135. Mizuho analyst James Lee maintained a Buy rating on the stock.
  • Citigroup reduced Amazon price target from $185 to $145. Citigroup analyst Ronald Josey maintained the stock with a Buy.
  • Baird cut the price target on the stock from $150 to $130. Baird analyst Colin Sebastian maintained Amazon with an Outperform.
  • RBC Capital lowered Amazon’s price target from $175 to $135. RBC Capital analyst Brad Erickson maintained an Outperform rating on the stock.
  • Deutsche Bank reduced Amazon’s price target from $150 to $130. Deutsche Bank analyst Lee Horowitz maintained the stock with a Buy.
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