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Nauman Khan

Why One Analyst Just Downgraded Amazon Stock Ahead of Earnings

Amazon Amazon.com Inc. United States Wells Fargo Ken Gawrelski AWS

As the third-quarter earnings season starts to kick off in earnest, Amazon.com (AMZN) is one of many mega-cap stocks slated to report its latest quarterly results next week. Ahead of the event, Wells Fargo analyst Ken Gawrelski has low expectations, downgrading AMZN stock from "Overweight" to "Equal Weight" and cutting its price target from $225 to a new Street-low of $183.

In a note to clients, Gawrelski expressed concerns that investors might be too optimistic Amazon can continue its trend of linear margin expansion, even amid near-term headwinds.

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