In a separate interview, Anthony DiClemente, Barclays Capital Internet analyst, said investors have three concerns about Amazon: slowing revenue, nine straight quarters of declining margins and expensive valuation.
"One of the problems is Amazon has always talked about serving the customer. People love Amazon," said DiClemente, who has a $190 price target on Amazon stock. "The belief is if customers come, then shareholders will follow, and with it the stock."
However, he said, "sometimes when the customer wins it comes at the expense of the profit margin of the company, and that’s what we’re seeing."
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Ken Sena does not own Amazon shares but the company is an investment banking client of Evercore. Anthony DiClemente does not own shares, but Barclays or an affiliate received noninvestment banking compensation from Amazon within the last 12 months.