Citigroup downgraded Amazon from "hold" to "sell" saying that the valuation of the company was too high and could not be sustained. The bank is also concerned that Amazon cannot maintain margins, and cut its price target for the big online retailer from $35 to $34. The stock now trades just above $39.

The question this raises is where the Citi brain trust was on November 15 when the stock almost touched $43. Or, on November 22, when it reached $42.98. The stock is obviously down about 8% since November.

So, where was Citi then?

Douglas A McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.