Amazon price target lowered to $248 from $275 at Stifel

Stifel lowered the firm’s price target on Amazon.com (AMZN) to $248 from $275 and keeps a Buy rating on the shares. Despite advertising holding up “better than we expected,” the firm is lowering estimates “across the board” for its digital advertising, e-commerce, marketplaces, and subscriptions internet coverage. The firm, which expect e-commerce and marketplace GMV growth to slow or decline as consumers face increased prices, says in a preview for the group that it “can’t remember a time outside of COVID where we’ve felt this level of discomfort with our forward estimates.”