Tech stocks have been major victims of the broader market sell-off this year and the list includes e-commerce giant Amazon (NASDAQ: AMZN). Aside from macro headwinds, concerns about the slowing top-line growth and cost pressures have also weighed on the stock. Amazon stock has declined 34.3% year-to-date, and is trading at nearly a 42% discount to its 52-week high. With the Fed expected to continue to hike interest rates to tame rampant inflation, it will be tough for Amazon to stage a recovery. However, Wall Street analysts continue to be bullish on the company’s long-term prospects, especially on Amazon Web Services (AWS).
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