Lowered price targets and downgrade for Amazon; -9.8% premarket

|By:, SA News Editor

Amazon (NASDAQ:AMZN), says Cowen's John Blackledge maintaining his Outperform rating but lowering the price target to $390 from $410, "delivered a mixed report with units stabilizing and a topline result and guide that met expectations, but the profitability disappointed. Also, AWS price cuts put an unexpected dent in growth."

Also continuing with a Buy rating, but lowering the price target is BofA's Justin Post who cuts to $400 from $420, noting the Q3 profit outlook as coming in well below expectations.

Baird and Evercore also cut price targets, and B. Riley pulls its Buy rating, downgrading to Neutral.

Shares -9.8% premarket

Previous Amazon earnings coverage