Barclay Cuts Amazon on Valuation Basis.

Amazon was cuts on valuation basis Thursday to Equal Weight from Overweight as Barclays Capital analyst Douglas Anmuth said the outlook remains negative.

"In a fundamental view the company is unchanged," Anmuth said.

Amazon is price "more toward perfection," trading at $1.87 per share on Pro Forma EPS, and expects free cash flow of $3.33 per share, as the stock has outperformed of 60 percent on market since December.

He also said the company has equal or greater long-term growth potential than Google.

In addition, Amazon would scale up on cloud computing services with Amazon Elastic MapReduce, a programming model created by Google to help deal with incredibly large data sets.

This allows AWS customers to access the power of a Google- or Yahoo-style server and programming infrastructure to model business decisions.

Anmuth maintains his $70 price target on the stock, where shares raised to $3.54 or 4.82 percent at $77.04 in the early trading today.