Amazon.com

(AMZN) - Get Report

shares eased a bit Tuesday as one analyst expressed concern about the Internet retailer stock's moonshot and subsequent valuation levels.

Bear Stearns downgraded the company to peer perform from outperform on valuation concerns. After the stock's 120% rise so far in 2002, Bear Stearns noted that the retailer now trades at a significant premium to traditional retailers as well as

eBay

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.

Amazon closed Tuesday at $21.29, down $1.13 or 5.04%. In midmorning trading, the stock was off 74 cents, or 3.3%, to $21.74.