Scotiabank analyst Nat Schindler lowered the firm’s price target on Amazon.com (AMZN) to $250 from $306 and keeps an Outperform rating on the shares. The overall market sentiment for stocks in the Internet space has shifted, with stocks exposed to China and tariffs underperforming while ‘safer’ names outperform, the analyst tells investors. Key trends appearing for the quarter include: weakening ad spend across most sectors, moderated cloud demand, and a secular shift into ‘safer’ names. The firm names Amazon as its top pick in the sector.
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