Amazon price target trimmed at Evercore, RBC
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Both Evercore and RBC tempered their outlook for Amazon (NASDAQ:AMZN) shares on Friday despite each maintaining bullish overall ratings on the stock.

Evercore explained that proprietary data on US online shopping indicates a notable slowdown in consumer spending. While the survey suggested Amazon (AMZN) is among the most resilient names in internet retail given its leadership position, the firmâs research suggested that its Prime subscription penetration is âplateauing.â

As such, the price target for the stock was pulled in to $180 from a prior $205. Nonetheless, an âOutperformâ rating was assigned to shares as even the lowered price target suggests significant upside for shares. 

âAmazon (AMZN) remains one of our top picks among mega-caps, based on both theories and evidence,â the note concluded.

RBC was more focused on the AWS segment, suggesting in a broad internet-focused note that âcracks are starting to form.â As such, Amazonâs (AMZN) upside is limited in the near term.

âAmazonâs (AMZN) multiple has come in nearly 40%, suggesting meaningful weakness is expected though we'd note, with AWS estimates largely unchanged through this period, we remain concerned around risk/reward there as AWS is the primary reason why investors own AMZN in many cases,â the research report read. âThus, downside to those estimates in particular could be met unfavorably.â

RBCâs price target on Amazon (AMZN) was reined in even further than Evercore, falling to $144 from a prior $175. Still, the bank assigned an âOutperformâ rating to the stock.
Read more on the concerns Credit Suisse is voicing on Big Tech names.