Read Rosenblatt's Take on Amazon

Read Rosenblatt's Take on Amazon
The Amazon logo on the opening day of a new distribution center in Augny, near Metz, eastern France on Sept. 23, 2021. (Sebastien Bozon/AFP via Getty Images)

Rosenblatt analyst Barton Crockett updated 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.

By Anusuya Lahiri
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