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Amazon.com, Inc.. (NASDAQ:AMZN) shares are trading lower Friday after the company posted mixed second-quarter financial results after Thursday's closing bell.
The Details: Amazon shares are tumbling after the company missed analysts' estimates for net sales in the second quarter. AWS revenue came in slightly above estimates at $26.3 billion, up 19%.
The company also issued soft third-quarter guidance for net sales in a range of $154 billion to $158.5 billion, versus the consensus estimate of $158.24 billion.
The overall market is set to open lower Friday following a slew of reports indicating the economy may be slowing and a week of volatile corporate earnings.
Read Next: Intel Stock Falls After Weak Q2 Results, New Cost Reduction Plan, 15% Headcount Reduction
Several analysts lowered price targets on Amazon stock following the print:
According to data from Benzinga Pro, Amazon shares are seeing above-average volume before the market opens and are trading below the stock’s 50-day moving average of $187.10.
When trying to assess whether or not Amazon.com will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $223.33 on Amazon.com. The Street high target is currently at $250 and the Street low target is $200. Of all the analysts covering Amazon.com, 27 have positive ratings, no one has neutral ratings and no one has negative ratings.
In the past month, 20 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Amazon.com have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Amazon.com is 22.77% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Amazon.com, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
AMZN Price Action: According to Benzinga Pro, Amazon shares are down 9.39% at $166.78 in premarket trading Friday.
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