Amazon Maintained Outperform, Price Target lowered at FBN

In a note out this morning, FBN Analyst Shebly Seyrafi kept his Outperform rating on Amazon

following earnings but lowered his price target to 350 from 400. The large decline in international CSOI (to -8.9% from -1.4% in FQ2 and -1.2% a year before) was a notable negative. This was caused by less leverage as growth slowed and by some inventory reevaluation and supplier commitment costs. He states "We still think that the material EPS improvement will occur in 2016" but iInvestment risks include increased competition with Walmart and weaker retail spending, according to Mr. Seyrafi. Shares of AMZN closed up 1 percent at 289.97.