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Amazon ( AMZN ) is cutting back as Wells Fargo warns its cloud strength is “not enough.”
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Amazon ( AMZN ) is cutting back as Wells Fargo warns its cloud strength is “not enough.”

Shares of Amazon.com Inc. fell on Monday after a rare downgrade from analysts that raised concerns about margin trends for next year, growth that is unlikely to offset growth in its cloud computing business.

Wells Fargo Securities downgraded the stock from overweight to equal weight, along with analysts Ken Gawrelski he becomes one of the few analysts followed by Bloomberg who does not have a buy rating on the stock. He also lowered his price target to $183 from $225, one of the lowest on Wall Street.