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Amazon (AMZN) Guidance Viewed as Conservative; Goldman Raises PT to $355

July 26, 2013 10:41 AM EDT Send to a Friend
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Price: $312.99 -2.95%

Rating Summary:
    31 Buy, 13 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 26 | Down: 32 | New: 6
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Goldman Sachs maintained a Buy rating on Amazon.com (NASDAQ: AMZN) and raised its price target to $355.00 (from $325.00). Amazon reported Q2 results and guidance on Thursday. Analyst Heath P. Terry thinks guidance is likely conservative.

"The company cited ongoing weakness in Europe, though on an FX neutral basis growth accelerated from 24% y/y in Q1 to 25% y/y. We continue to believe Amazon is well positioned to benefit from accelerating global ecommerce growth, while leveraging its investment in technology, infrastructure, and customers into new higher margin revenue streams," said Terry.

"Our 12-month price target goes to $355 from $325 to reflect multiple expansion in the sector, based on an equal weighting of around 14x 2014 EV/EBITDA using a 'normalized' 8% CSOI margin, and our SOTP analysis."

For an analyst ratings summary and ratings history on Amazon.com (NASDAQ: AMZN) click here. For more ratings news on Amazon.com click here.

Shares of Amazon.com closed at $303.40 yesterday.




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