GoKawiilAmazon shares fall 7% from August record as Morgan Stanley lifts price target to $350
Amazon stock hit an all-time high of $284 on Aug. 3 after a strong earnings report highlighted by CEO Andy Jassy's comments on the long usable life of AWS data center servers and the resulting free cash flow. Since then the shares have fallen more than 7%, even as Morgan Stanley added Amazon to its top picks list and raised its price target from $335 to $350, implying 33% upside from Monday's close.