Wedbush Securities analyst Michael Pachter took on a fairy in-line tone when it came to Amazon earnings. Sort of the type of thing you’d expect at or near consensus view. His estimates going into the quarter were at the high-end of consensus, but he reset his estimates much lower, and reaffirmed his $900 price target and affirmed his outperform rating on the shares.Here were the highlights from the research note he published last week:We are adjusting our FY:17 revenue estimate to $168.6 billion from $170.0 billion, our operating income to $5.3 billion from $5.5 billion, and our EPS estimate to $6.73 from $7.42, reflecting slightly lower revenue across products, services and AWS and relatively unchanged operating expenses which we had raised with Amazon’s Q3 report. Our EPS estimate reflects a higher tax rate assumption. Our estimates for FY:17 reflect continued spending growth on content and scaling upward of each category of operating expenses; it is clear the company can substantially exceed our estimates should it choose to do so. Reiterating our OUTPERFORM rating and $900 price target. We previously used a PE multiple of 120x our 2017 EPS estimate; however, given the uncertainty and variability with the tax rate, our price target now reflects an EV/EBITDA multiple of 27x our 2017 estimate.His estimate on valuation seems more or less comparable to other analysts. Estimate revision makes things more beatable for AMZN throughout the year. I think he makes some good arguments in favor of the stock, but aside from the usual recovery we see in shares, we’d need to see fundamentals improve to anticipate material gains in a follow-on quarter and this is where things get murky.