Amazon is viewed more cautiously by Jefferies on consumer spending concerns
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Jefferies reiterated its bullish view and Buy rating on Amazon (NASDAQ:AMZN), but clipped the price target on the e-commerce stock to $3,250 from $3,700 to factor in an economic slowdown that is seen impacting consumer spending.
The firm noted that macro indicators appear to be deteriorating at a faster pace in a significant development for Amazon (AMZN).
"The resulting negative sentiment across both consumers and businesses is likely to result in more cautious spending patterns, with headwinds worsening as the economic slowdown deepens. For consumers, that means less discretionary spend on pricier physical goods and more price sensitivity to service items."
For the year, Amazon (AMZN) is down 30.93% vs. -12.21% for the S&P 500 Index and -25.23% for the SPDR S&P Retail ETF.