UPDATE: JP Morgan Downgrades Amazon.com to Neutral; Profit Growth to Decelerate in 2013

JP Morgan downgraded Amazon.com AMZN from Overweight to Neutral and lowered the price target from $333.00 to $300.00. JP Morgan analyst Doug Anmuth noted, "[O]ur proprietary bottom-up analysis suggests more material deceleration in gross profit growth to 31% in 2013 as: 1) 3P sales moderate; 2) first-party (1P) margins could compress on greater international mix and more devices; and 3) Amazon faces tougher comps. We continue to believe that Amazon will gain share of overall eCommerce and become a more valuable company over time, but think the near-term risk/reward at current levels is more balanced given slower unit trends and what we believe will be moderating gross profit growth in 2013." Amazon.com closed at $275.10 on Wednesday.