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Amazon: Morgan Stanley lowers target price

( - On Monday Morgan Stanley said that it is lowering its target price for Amazon to 4,100 dollars (from 4,300 dollars), citing the Internet giant's rising payroll.

In its comments, the broker notes that the group's US logistics centre headcount rose from 500,000 to 700,000 in the first nine months of the year.

At the same time, it points out that the average hourly wage (including benefits) has increased from 18.8 dollars to 21.8 dollars.

Morgan Stanley - which maintains its "overweight" rating on the stock - is concerned that these wage pressures will eventually weigh on the group's results.

More generally, the analyst expects the stock to remain fairly stable until its financial performance picks up again (expected in the first half of 2022).

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