Baird Reiterates On Amazon, Notes Muted Demand For Fire

In a note released Wednesday, Baird analyst Colin Sebastian reiterated his Outperform rating on Amazon (NASDAQ: 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.