- Rosenblatt analyst Barton Crockett updated Amazon.com Inc (NASDAQ:AMZN) for the 20-1 share split completed on June 6.
- Crockett also reduced its split-adjusted PT by 26% to $107, near current trading levels. He reiterated a Neutral rating.
- Crockett continued to see consensus long-term sales estimates as too high, mainly from what he saw as excessive long-term optimism for online retail.
- Amazon's multi-year extraordinary out-performance in retail has substantially diminished. He expected that to persist.
- Other elements of Amazon remain secularly hearty, including AWS.
- Progression towards retail maturity and heightened macro risks moved him to lower long-term multiple assumptions, reducing the price target.
- Price Action: AMZN shares traded lower by 0.26% at $103.40 on the last check Tuesday.
- Photo by Christian Wiediger via Unsplash
