Reported about 3 hours ago
Amazon (AMZN) stock dropped 3% following Wells Fargo's downgrade from Overweight to Equal Weight due to concerns over rising competition, modest growth in advertising revenue, and significant costs from its satellite broadband project, Project Kuiper. Analyst Ken Gawrelski revised the price target down from $225 to $183, although he noted the strength of Amazon Web Services as a positive factor. Despite a potential growth in AWS and AI, challenges in other segments could hinder profit growth in the near term.
Source: YAHOO