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Shares of (AMZN) - Get, Inc. Report were lower in early morning trading on Tuesday after the stock was downgraded at Raymond James to "Market Perform" from "Outperform."

The firm removed its $925 price target on the stock. 

Amazon hasn't received a downgrade from a major sell-side firm in over a year, according to Street Account.

The eCommerce giant needs to demonstrate improved profitability to justify further gains, Raymond James analyst Aaron Kessler noted.

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"We believe shares are fairly valued and near our previous price target. ... At current levels, we believe Amazon will need to begin to show greater operating [profit margin] leverage for shares to move meaningfully higher and reach our bull case," Kessler wrote in a note to clients today. "Specifically, we would like to see improved margins/less losses for International, shipping costs, Prime Video."

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