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.
