Amazon To $160? These Analysts Cut Price Targets On Amazon After Q3 Results

Amazon.com, Inc. AMZN reported upbeat earnings for its third quarter, while sales missed estimates. The company also issued weak sales forecast for the fourth quarter.

Amazon reported third-quarter revenue of $127.1 billion, an increase of 15% year-over-year. The total came in shy of a Street estimate of $127.84 billion. The company reported earnings per share of 28 cents in the third quarter, beating a Street estimate of 22 cents per share.

Amazon shares dropped 12% to $97.68 in pre-market trading.

These analysts made changes to their price targets on Amazon after the company released quarterly results.

• Telsey Advisory Group cut price target on Amazon from $150 to $140. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating on the stock.
• Needham lowered Amazon price target from $175 to $120. Needham analyst Laura Martin maintained a Buy rating on the stock.
• Piper Sandler cut Amazon price target from $175 to $125. Piper Sandler analyst Thomas Champion maintained the stock with an Overweight.
• Oppenheimer lowered the price target on the stock from $165 to $130. Oppenheimer analyst Jason Helfstein maintained the stock with an Outperform.
• JP Morgan slashed Amazon price target from $175 to $145. JP Morgan analyst Doug Anmuth maintained an Overweight rating on the stock.
• JMP Securities cut Amazon’s price target from $150 to $140. JMP Securities analyst Nicholas Jones maintained the stock with a Market Outperform.
• Credit Suisse reduced price target on Amazon from $159 to $142. Credit Suisse analyst Stephen Ju maintained the stock with an Outperform.
• B of A Securities cut Amazon’s price target from $157 to $137. B of A Securities analyst Justin Post maintained the stock with a Buy rating.
• Truist Securities reduced Amazon price target from $170 to $160. Truist Securities analyst Youssef Squali maintained a Buy rating on the stock.
• Barclays lowered price target on the stock from $200 to $140. Barclays analyst Ross Sandler maintained Amazon with an Overweight.
• Raymond James cut the price target on the stock from $164 to $130. Raymond James analyst Aaron Kessler maintained Amazon with an Outperform.
• Mizuho lowered Amazon’s price target from $155 to $135. Mizuho analyst James Lee maintained a Buy rating on the stock.
• Citigroup reduced Amazon price target from $185 to $145. Citigroup analyst Ronald Josey maintained the stock with a Buy.
• Baird cut the price target on the stock from $150 to $130. Baird analyst Colin Sebastian maintained Amazon with an Outperform.
• RBC Capital lowered Amazon’s price target from $175 to $135. RBC Capital analyst Brad Erickson maintained an Outperform rating on the stock.
• Deutsche Bank reduced Amazon’s price target from $150 to $130. Deutsche Bank analyst Lee Horowitz maintained the stock with a Buy.