Amazon.com price target lowered to $233 from $235 at BMO Capital

BMO Capital analyst Brian Pitz lowered the firm’s price target on Amazon.com (AMZN) to $233 from $235 and keeps an Outperform rating on the shares. Public Cloud spending likely drove modestly slower-than-expected Q1 AWS growth of 17%, compared to consensus estimates of 18%, though the firm’s AWS growth outlook for Q2 and 2025 remains unchanged at 17.5% as customers are immediately consuming incremental capacity, the analyst tells investors in a research note. Amazon Retail is also “currently unaffected” by tariffs, although BMO has moderated its assumed GMV – gross merchandise volume – growth to reflect macroeconomic uncertainty, the firm adds.