Here's what all the major analysts have to say about diving in Amazon

We believe that investors are likely to be slightly disappointed by the larger-than-expected deceleration of 3Q, the slowdown in international growth at 3Q, and the 4Q's income and OI forecasts, which at mid-term were lower than expected. to Street estimates (worse income indicator than the guide to OI). Among the benefits, the plus points include efficiency gains resulting from slower growth in the workforce, as well as increased efficiency and effectiveness of data centers. These cost savings, combined with the strong growth in AWS revenue and advertising advertising, resulted in an operating margin increase of $ 100 billion per year to 6.6% (and a profit of third quarter operating of more than $ 1 billion higher than our estimate). This trend only reinforces the notion of inspiration from Amazon's thesis towards profitability derived from revenue growth (for more information on this, see here). While the change in Prime accounting, the overshoot of the acquisition of Whole Foods and the time difference of Diwali (+ 5) are factors leading to the 4th quarter, we believe that the growth indicator of the turnover of the 4th quarter of 10-20% (8 points below our outlook at and 4Q's lowest guide since 4Q14) probably weighs on sentiment here. Overall, while maintaining our outperformance rating, we are moderating our revenue growth estimates for 4Q18 and 2019/20. As such, we have also lowered our target price from $ 2,200 to $ 1,970, or about 21.5 x 2020 EV / EBITDA.