Wells Fargo downgraded Amazon.com to Equal Weight from Overweight with a price target of $183, down from $225. The firm says Amazon’s “positive estimate revision story faces multiple headwinds.” Web Services strength alone is “not enough” and there is limited visibility into a resumption of positive estimate revisions until the July 2025 guidance, the analyst tells investors in a research note. Wells believes that while Amazon has been a consistent positive revision story, there are factors pressuring this in the near-term from Project Kuiper investment and moderating advertising contributions.
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