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Amazon.com (NASDAQ:AMZN) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a report released on Wednesday. They currently have a $294.00 price target on the stock. Zacks‘s price target indicates a potential downside of 10.90% from the company’s current price.

Zacks’ analyst wrote, “Amazon.com is one of the largest online retailers in the world. Amazon’s first quarter earnings exceeded the Zacks Consensus Estimate by a penny. However, the business is getting more competitive and margins even thinner. The forward guidance was in line with seasonality, but below street estimates. Aggressive pricing actions are expected to continue as Amazon goes all out to attract consumers to its platforms. We remain encouraged by the company’s strong cash flow generation. We believe that current investments are supported by a strong balance sheet but growing uncertainty about when current investments may be recovered lead us to downgrade the shares to Underperform.”

Shares of Amazon.com (NASDAQ:AMZN) traded up 1.90% on Wednesday, hitting $329.97. The stock had a trading volume of 3,162,562 shares. Amazon.com has a 52 week low of $279.33 and a 52 week high of $408.06. The stock’s 50-day moving average is $321.2 and its 200-day moving average is $345.8. The company has a market cap of $151.8 billion and a price-to-earnings ratio of 505.16.

Amazon.com (NASDAQ:AMZN) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.23 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.23. The company had revenue of $19.74 billion for the quarter, compared to the consensus estimate of $19.42 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 22.8% on a year-over-year basis. On average, analysts predict that Amazon.com will post $1.05 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Barclays initiated coverage on shares of Amazon.com in a research note on Thursday, June 26th. They set an “equal weight” rating and a $330.00 price target on the stock. Separately, analysts at Credit Suisse reiterated an “outperform” rating on shares of Amazon.com in a research note on Thursday, June 19th. They now have a $439.00 price target on the stock. Finally, analysts at Goldman Sachs upgraded shares of Amazon.com from a “buy” rating to a “conviction-buy” rating in a research note on Wednesday, June 11th. They now have a $430.00 price target on the stock, up previously from $400.00. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $416.00.

Amazon.com, Inc (NASDAQ:AMZN) serves consumers through its retail websites and focus on selection, price, and convenience.

To view Zacks’ full report, visit Zacks’ official website.

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