Amazon (AMZN) Latest News Should Boost Online Grocery Ordering Adoption - Cowen
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Cowen analyst John Blackledge weighed in on Amazon (NASDAQ: AMZN) on reports from the WSJ earlier that the company is pursuing various smaller format brick and mortar stores, including i) Convenience stores selling perishable items, while also allowing customers to order non-perishables for same-day delivery, and ii) Online grocery pick-up locations.
Blackledge said both offerings should help increase the adoption of ordering groceries online, as the company offers its customers various ways to purchase, especially for those consumers who are not yet comfortable ordering online.
He also notes these reports follows the decision last week to lower the price of Amazon Fresh, its online grocery offering, to $14.99/month compared to $299/year prior, which makes the additional cost for the service more digestible and should lead to increased adoption.
The firm maintained an Outperform rating and price target of $960 on AMZN.
Shares of Amazon.com closed at $841.71 yesterday.
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