Amazon.com Inc. shares will fall another 28% and take longer to recover from a slump that has already wiped out $560 billion in market value, says BNP Paribas Exane’s Stefan Slowinski, the only analyst with a sell-rating on the e-commerce giant.

Slowinski cut the stock’s 12-month price target to $80 per share, the lowest among 58 analysts covering the stock, according to Bloomberg data. The shares have fallen 34% since he initiated coverage of the stock with a sell rating in March.

For Slowinski, the performance of Amazon’s cloud unit, or AWS, was the biggest disappointment in the third-quarter earnings reported Thursday. AWS, which he described as a “growth engine” for the company, saw its slowest year-over-year growth since Amazon began breaking out the division’s performance in 2014.

“AWS had put a floor on the stock – now that’s also turning out to be a concern,” Slowinski said in a phone interview with Bloomberg News. The AWS numbers adds to concerns about their consumer business, he added.

Indeed, the Seattle-based company, which reaped record profits during the pandemic, said sales during the fourth quarter will rise just 2% to 8% as shoppers reduce their spending in the face of economic uncertainty.

Amazon shares were down 13% at $96 in premarket trading as of 07:44 a.m. in New York.

— By Thyagaraju Adinarayan (Bloomberg)