Citigroup Cuts Estimates and Price Target on Amazon.com (AMZN) Due To Flat Online Retail Growth
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Citigroup is lowering estimates and its price target on Amazon.com (Nasdaq: AMZN), citing the comScore online retail report predicting a 0% Nov-Dec year-over-year growth.
The firm lowered Amazon's Q4 year-over-year growth from 16% to 7% and Amazon's North American year-over-year growth from 21% to 13%.
The firm also lowered its Q4 revenue estimate by 7% to $6.1 billion, which is just above the $6 billion low end of Amazon.com's guidance, but below the Street at $6.5 billion. The firm also lowered GAAP EPS estimates from $0.40 to $0.34, which is below the Street at $0.40. Citi also lowered '09 revenue estimates 5% to $20.26B and GAAP EPS from $1.50 to $1.36.
Citi also lowered its price target on Amazon.com from $60 to $53, and reiterated their Hold rating.
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