RBC analyst, Mark Mahaney took a measured tone, and pointed to some trends in AMZN’s financial report that’s worth reporting. Furthermore, he revised his price target lower from $950 to $900. Pretty much in-line with most of the analysts I cover. Basically, I think he’s right on a lot of areas that were soft spots in the quarter, and perhaps estimates need to be reduced until there’s a material divergence in some of the trends we’re seeing in all of AMZN’s major segment categories.Here were some of the highlights from his research note:The Keys: 1) Retail Rev. Results Light–NA & Int'l Retail Rev grew 22% & 23% Y/Y (ex-FX), both decelerating on easier comps. 2) AWS Misses For First Time–Rev +47% Y/Y to $3.54B, vs. Street @50% Y/Y and delivering 26% Op Margins vs. 27% in Q3. The 7 Price Cuts that took effect on 12/1 were a key factor. 3) Elevated Investments Pressure Margins–AMZN meaningfully stepped up investments in Digital Content, Fulfillment infrastructure, Prime & Developing markets. 4) Soft Metrics–24% Unit growth below our 28% est. and slowest since Q2:15. 5) Strong Deferred Rev–+$570MM Q/Q, on Prime Memberships and AWS deals. Revenue reduced 2% to $162B, while ’17 GAAP EPS falls 28% to $7.16, reflecting the investment cycle. PT goes to $900 from $950 and is based on 20X EV/EBITDA, 20X P/FCF, and 70x P/E.AWS missed on revenue, but some of that could be attributed to deferred contract agreements with various enterprises. The commentary on margins was slight deceleration, but perhaps due to softness in AWS margins, albeit the impact from reduced pricing back from November/December is still difficult to quantify. The reduction on revenue in Mahaney’s model was in-line with what I saw from various other analyst consensus members.I think the commentary on AMZN for duration of current year heavily centers on revenues, and perhaps expense beats. But, investment likely remains elevated for the duration of the year, so we’d be more dependent on the revenue narrative going into the next quarter. From there expectations are likely to bridge closer into reality, as the remaining half is mostly predictable (from what I’ve seen in AMZN).I think it’s safe to buy the dip here and sit back for a couple months.