Amazon (AMZN) stock has been downgraded to a neutral rating by Citigroup prior to the release of the company’s Q2 earnings report.
Citigroup analyst Mark May dropped Amazon from a buy rating to a neutral rating. He also dropped his price point for AMZN stock to $395 from $414, reports Financial Post.
May also put his consolidated segment operating income forecasts for AMZN’s second half of the year 18% below the general consensus. However, May also said that Citigroup still believes that the company is performing well, but that issues with Amazon Web Services could put pressure on the stock, Financial Post notes.
AMZN is expected to release its earnings report for the second quarter of 2014 after the markets close on Thursday.
AMZN shares were up slightly as of Tuesday afternoon.
