The Bear Case Against Amazon

Wall Street loves Amazon.com like no other company. But with challenges piling up, the internet juggernaut might have trouble repaying all that affection.

FactSet lists 42 equity analysts with ratings on Amazon, and every single one of them has some version of a buy on its stock. Only two other companies in the S&P 500 are more highly rated. Short interest—bearish bets against Amazon shares—has plummeted, and very few companies are as lightly shorted as it is now. And Amazon is, as it always has been, a richly valued stock….

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