Wall Street is underestimating the near-term pressures on Amazon's earnings, according to Raymond James. The firm downgraded the stock to outperform from strong buy in a Monday note. It also lowered its price target to $195 from $275, suggesting 13% upside potential from Thursday's close. Analyst Josh Beck cited headwinds from tariffs and macro uncertainties amid "steepening investment intensity." "To be clear, we remain constructive on AI prospects/long-term investments, but with rising EBIT risk/limited monetization progress it is more challenging for us to stick with our Strong Buy rating," Beck said. "Regardless of tariff 'stickiness', further supply chain/logistics diversification likely creates a drag given China ... and rural U.S. DSP (11% shipping) exposures." The impact of tariffs extends to Amazon's advertising segment, according to Beck. He estimates around 15% of its ads are linked to China, relative to 11% for Meta Platforms. About 30% of online gross merchandise volume also stems from China, he added. Amazon shares have tumbled more than 5% in April, putting the stock down 21.3% for the year. Investors will get a glimpse into Amazon's financials on May 1, when the company reports first-quarter earnings. —CNBC's Michael Bloom contributed to this report. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today's dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You'll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!