For months now, Amazon.com Inc. (NASDAQ: AMZN) has been one of the strongest performers among the mega-cap tech names. Shares are up roughly 40% since April, a rally driven by consistently strong earnings reports and near-unanimous support from Wall Street analysts. With equities broadly in risk-on mode and major indices hitting all-time highs, Amazon has thrived in the kind of environment where it historically performs best.
That backdrop makes the downgrade from Zacks Research towards the end of August all the more striking. Having previously rated Amazon a Strong Buy, Zacks cut its stance to Hold.
