Amazon (AMZN) saw exponential growth in 2020 with pandemic-driven tailwinds pushing it forward. 2021, however, has turned out to be much more of a challenge on several levels, resulting in the stock’s underperformance. Jefferies’ Brent Thill cites “difficult comps, labor shortages, and supply-chain disruptions” as reasons why Amazon’s “multiple” has dropped by ~25% since mid-2020. Despite the segment representing just 12% of the company’s Operating Income (69% of sales), the analyst believes the “key overhang” has been the slowdown in core-Retail sales growth as the company has encountered some very tough comps.
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Amazon com (NASDAQ:AMZN)
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Amazon com (NASDAQ:AMZN)
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From Nov 2020 to Nov 2021 Click Here for more Amazon com Charts.