In a note released Wednesday, Baird analyst Colin Sebastian reiterated his Outperform rating on Amazon AMZN, although he did point to muted demand in the Amazon Fire phone.
Sebastian thinks the Amazon Fire is more of a strategic move to drive more users to the shopping platform, and not as much a competitor to Google's Android or Apple's iPhone. He feels the reduced interest in Fire is likely owing to the iPhone 6 debut and the lack of a new technology on the Fire.
He named a $400 price target on the stock.
Shares of Amazon traded recently at $315.54, up 1.03 percent.
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