Rosenblatt analyst Barton Crockett updated Amazon.com Inc. for the 20–1 share split completed on June 6.
Crockett also reduced its split-adjusted PT by 26 percent 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.