FBN Lowers Amazon Price Target

In a note out Monday morning, FBN Analyst Shebly Seyrafi kept his Outperform rating on Amazon.com, Inc. (NASDAQ: AMZN) following earnings, but lowered his price target to $350 from $400.

The large decline in international CSOI (to -8.9 percent from -1.4 percent in FQ2 and -1.2 percent a year before) was a notable negative. This was caused by less leverage as growth slowed and by some inventory re-evaluation and supplier commitment costs.

Seyrafi wrote, "We still think that the material EPS improvement will occur in 2016" but investment risks include increased competition with Walmart and weaker retail spending."

Shares of Amazon closed up 1 percent at 289.97.