Amazon.com (AMZN) PT Lowered to $200 at Wolfe Research

Wolfe Research analyst Shweta Khajuria lowered the price target on Amazon.com (NASDAQ: AMZN) to $200.00 (from $270.00) while maintaining a Outperform rating.

The analyst comments "AMZN (OP, $200 PT): AMZN shares are pricing in OI and Revenue downside from tariff impact. Even on our lower-than-Street estimates, AMZN shares are trading at 22x our 2026 EPS estimate. We see Amazon as a platform that will likely consolidate share in a tough macro environment, Amazon likely will not increase prices as much as competition, it benefits from some non-discretionary inventory and subscription revenue with Prime, our checks suggest Amazon ads is gaining share, and enterprise cloud commitments are sticky making that segment resilient. For Q1, we expect Revenue to be in-line with the Street and Operating Income (OI) to beat Street estimates. For Q2 we expect Revenue to be lower than the Street and OI guidance to bracket at the highend. IntraQ checks around enterprise cloud demand, digital advertising trends, and retail sales have been neutralto-positive. FX to remain a tailwind. CapEx will be a focus area, and we expect mgmt. to reiterate their guide."

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