DA Davidson downgraded Amazon.com (AMZN) to Neutral from Buy with a price target of $175, down from $300. In the context of results from Microsoft (MSFT) and Google (GOOGL), the firm sees AWS continuing to lose its lead and now “scrambling to catch up through escalating investment,” the analyst tells investors. The firm is also increasingly concerned about Amazon Retail’s transition to a new chat-driven Internet dominated by Gemini and ChatGPT, the analyst added.
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