- Rosenblatt analyst Barton Crockett initiated coverage of Amazon.com Inc (NASDAQ:AMZN) with a Neutral rating and a $3,000 price target (5% downside).
- Crockett saw inflation hurting retail sales.
- Also Read: Here's Why This Analyst Is Cautious On Amazon
- Crockett did not see Amazon's core business in online stores and third-party services recover growth after faltering in late 2021.
- Crockett contended that the post-pandemic consumer rotation to services from goods could be long-lived, and Amazon's rivals have upped their retail game considerably.
- Price Action: AMZN shares closed higher by 3.49% at $3,162.31 on Tuesday.
