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- Morgan Stanley analyst Brian Nowak has lowered the price target on Amazon.com AMZN to $4,100 from $4,300, implying a 19.69% upside, and reiterated an Overweight.
- Nowak's analysis of Amazon's 700,000 person U.S. logistics workforce and rising wages "revealed more profit pressure ahead."
- He lowered his 2021 and 2022 EBIT estimates by 16% and 19%, respectively.
- Nowak noted that Amazon shares may be range-bound until its revenue can reaccelerate in the first half of 2022.
- He saw the company's logistics headcount cost per unit rising 50% year-over-year in 2021.
- Price Action: AMZN shares traded lower by 0.80% at $3,396 in the premarket session on the last check Monday.
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