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Luke Kawa

UBS trims price target, cuts estimates on Amazon

Investors are a little too optimistic on how much Amazon will generate in sales and operating profits in a tariff-ridden world with a weaker US dollar, according to UBS.

Analyst Stephen Ju cut his price target on the e-commerce giant to $253 from $272, while reducing his estimates for operating income by 7.1% for 2025 and 10.6% for 2026.

“We make significant updates to our model once again — outside adjusting for FX — as we anticipate some level of tariff-driven demand destruction due to price elasticity,” he wrote. “Data from the Dept. of Commerce suggests goods that Americans have purchased have anywhere from 55-71% imported content across an array of categories, while food and beverage sit lower at 22%.”

That being said, Ju is still a bull on Amazon, with a “buy” rating and a price target that, while lowered, represents significant upside to where shares are currently trading.

“We believe that investor expectations for revenue is ~$155B or the higher end of the guidance range of $151B-$155.5B with operating income at ~$18.5B and also at the higher end of the $14B-$18B guide,” he added.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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