UPDATE: Stifel Nicolaus Cuts Target on Amazon.com to $220

Stifel Nicolaus reiterates its Buy rating on Amazon.com (NASDAQ: AMZN) and lowers its price target to $220 from $265, reflecting 4Q revenue miss.

Stifel Nicolaus notes, "Overall, we have become less bullish on the name as Amazon seemed to leave many questions unanswered. While estimates fall on the back of the report, it is possible that a series of shorter-term catalysts caused the sub-par performance. The mix shift to increasing third party growth could explain weaker revenue and guidance. We hope to discuss these issues when we meet with management next week in Seattle."

AMZN closed at $194.44 a share on Tuesday.