Amazon could use a little less help from its friends

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Sometimes being nice doesn’t help.

Wall Street has been incredibly nice to Amazon AMZN -4.76%

even as the e-commerce giant faces its biggest business challenges in years. Those challenges — most notably an overbuild of its fulfillment network just as pandemic-driven demand was beginning to slack — have caused Amazon to lose 40% of its market value over the past 12 months. That’s by far the worst performance among Apple’s trillion-dollar market caps,

Microsoft and Google’s parent company Alphabet, the three have lost an average of about 6% during this period.

But 92% of analysts still rate Amazon as a buy — compared to 74% who do so for Apple, according to FactSet.

In addition, many assume that the company’s current slump will only be short-lived. Current estimates suggest that Amazon’s retail-related segments…



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