(Bloomberg) — Wall Street’s analysts are no longer marching in bullish lockstep when it comes to Amazon.com Inc.
BNP Paribas Exane analyst Stefan Slowinski initiated coverage of the e-commerce giant with an underperform rating. That makes him the only analyst among 58 tracked by Bloomberg with the equivalent of a sell call on the fourth-most valuable company in America. The last time an analyst had a sell rating on Amazon was in 2020, according to Bloomberg data.
Slowinski’s 12-month price target of $2,800, a new Street-low, is 17% below Tuesday’s close. The average analyst target is $4,102, or 21% above current levels.
The call comes in the wake of a strong rally in Amazon shares. The stock is up 24% from a low hit this month, and it erased its losses for the year on Monday.
While big technology shares rallied recently, Amazon has also been supported by a 20-for-1 stock split announced this month. That move, which has fueled retail interest in the shares, followed fourth-quarter earnings that were much stronger than expected.
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