Wedbush lowered the firm’s price target on Amazon.com (AMZN) to $300 from $340 and keeps an Outperform rating on the shares. The firm notes Amazon reported healthy Q4 results. Wedbush expects there is some conservatism embedded in management’s outlook, as the company has outperformed the high end of its guide for several consecutive quarters. Guidance for Q1 operating income of $16.5B to $21.5B was below initial expectations. That said, operating expenses contemplate about $1B of additional costs related to Amazon Leo and are likely inclusive of severance costs related to recently announced headcount reductions, the firm adds.
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