Amazon: Lower Guidance a "Virtual Certainty"
Amazon (AMZN) shares continue to retreat amid a flurry of Street estimate and price target reductions.
Tim Boyd, American Technology Research: Boyd, who has a Sell rating on the stock, today cut his price target to $45 from $60. He says that a guide down for the Q4 is a “virtual certainty” given the 11 percent rally in the dollar since the company last reported. “Unless organic demand has improved during Q3,” which is hard to imagine, he expects guidance to come down. Boyd notes that the consumer is under tremendous pressure, and writes refreshingly, “you don’t need us to tell you what’s going on out there.”