Evercore ISI analyst Mark Mahaney lowered the firm’s price target on Amazon.com to $150 from $170 and keeps an Outperform rating on the shares. He is lowering his FY23 and FY24 revenue estimates by 4% and 5%, respectively, and his FY23 and FY24 operating income estimates by 9% and 8%, respectively, putting his forecasts "below the Street" in the wake of several proprietary data points that suggest ongoing softness in online retail and cloud computing demand, Mahaney tells investors. However, he continues to view Amazon as "highly attractive for long-term investors," calling it a "Dislocated High Quality" stock, Mahaney added.
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