Amazon (AMZN) PT Raised to $920 at Goldman Sachs

Goldman Sachs analyst Heath Terry reiterated a Conviction Buy list rating and raised his price target on Amazon.com (NASDAQ: AMZN) to $920.00 (from $900.00) following strong Q2 results.

Terry commented, "Amazon reported 2Q revenue of $30.4bn (+31.1% yoy vs. +28.2% in 1Q), above consensus of $29.6bn and within the guidance range of $28.0- $30.5bn. FX-neutral revenue growth was +30% yoy vs. +29% in 1Q. Consolidated segment operating income (CSOI) was $2.1bn (6.9% margins, +230bps yoy), above consensus of $1.68bn and the guidance range of $1.2- $1.8bn. 3Q revenue guidance of $31.0-33.5bn compares to consensus of $31.6bn, while CSOI guidance of $50-650mn compares to consensus of $831mn. We believe these results are further evidence that Amazon’s investment in infrastructure, logistics, and web services is driving market share gains, cash flow growth, and continued high returns on invested capital. We remain Buy rated on AMZN (on the Conviction List)."

For an analyst ratings summary and ratings history on Amazon.com click here. For more ratings news on Amazon.com click here.

Shares of Amazon.com closed at $752.61 yesterday.

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