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Amazon stock falls again after price target cut by 20% at UBS

·1 min read
Amazon stock falls again after price target cut by 20% at UBS
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Shares of Amazon.com Inc. slumped 4.8% in afternoon trading Tuesday, adding to Monday's 2.8% drop, after UBS analyst Lloyd Walmsley cut his stock price target to $167 from $209, citing "some risks" to the ecommerce and cloud giant's financial outlook depending no the macroeconomic environment. Walmsley lowered his revenue estimate for 2022 to $523.2 billion from $526.7 billion and for 2023 to $598.7 billion from $615.9 billion. Walmsley kept his rating at buy, however, as his lowered price targe