JPMorgan analyst Doug Anmuth lowered the firm’s price target on Amazon.com to $130 from $145 and keeps an Overweight rating on the shares. Heading into 2023, the analyst reduced estimates for Amazon citing Web Services revenue deceleration and margin compression during a challenging macro environment. The challenging macro environment pressures both the retail business and AWS, Anmuth tells investors in a research note. The analyst recognizes the elevated cloud concerns and macro uncertainty over the next few months, but believes there is “still significant secular shift” toward e-commerce and cloud ahead. In addition, Amazon should also benefit from easing retail comps into 2023, writes Anmuth. He believes investor sentiment is at a multi-year low. The shares currently trade at 8.9 times estimated 2024 EBITDA, which “creates a compelling opportunity,” says Anmuth.