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A truly volatile period for U.S. financial markets is still unfolding, leaving investors with more questions than answers.
Last week, U.S. President Donald Trump sent many stocks into free fall when he announced plans to implement even more tariffs. Earlier this week, as they continued plummeting, he announced a 90-day pause on most reciprocal tariffs, causing many stocks to reverse course and start surging.
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This momentum led to speculation that financial markets were through the worst of the tariff turmoil. However, many leading tech companies are back in the red today, as uncertainty continues to cast dark shadows over the economy, particularly regarding U.S.-China trade relations.
Wall Street analysts have clarified that they are concerned about how these trends will impact leading tech stocks. In the case of Amazon (AMZN) , they are scaling back expectations for more difficult days ahead.
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Multiple analysts have blunt takes on Amazon stock
Over the past month, Amazon has been highly volatile, putting it on the same ground as most of its big tech peers. Despite some momentum earlier this week, it remains in the red for the month and is currently trending downward as negative tariff speculation rises.
Part of this downward pressure can likely be attributed to the fact that two Wall Street banks have reduced their price targets on Amazon.
Analysts at Truist Financial and Piper Sandler have reworked their assessments of the tech conglomerate, though both maintain positive ratings.
Related: Analyst resets Alphabet stock price target after sell-off
While Truist still rates AMZN as a buy, it has lowered its price target by $35, decreasing it from $265 to $230. In addition, it scaled back its FY26 revenue view for the company from $697.1 billion to $690.8 billion and its overall FY26 view from $761.7 billion to $746.9 billion.
According to Truist’s analysts, these more modest forecasts are primarily due to concerns regarding tariffs, specifically those against China, which Trump doesn’t seem to be backing down on. Amazon has already canceled some product orders from China, which could be seen as an indicator of similar things to come.
“The price target adjustment reflects the analyst’s assessment of the immediate economic pressures facing the company,” Investing reports. “The increased tariffs on Chinese goods are likely to have a ripple effect on Amazon’s pricing strategies and consumer demand, which could influence the company’s financial performance in the near term.”