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Nomura Securities Maintains a 'Buy' on Amazon.com (AMZN); Raising Numbers After Q2 Review

July 27, 2012 10:07 AM EDT Send to a Friend
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Price: $358.61 +0.13%

Rating Summary:
    32 Buy, 11 Hold, 1 Sell

Rating Trend: = Flat

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    Up: 0 | Down: 0 | New: 0
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Nomura Securities maintains a 'Buy' on Amazon.com (NASDAQ: AMZN) price target of $285.00.

Analyst, Brian Nowak, said, "Last night Amazon reported 2Q:12 revenue of $12.8bn, 2% above us ($12.6bn) and 1% below the Street ($12.9bn). 2Q:12 CSOI of $360mn was $18mn above our Street-high estimate of $352mn and ahead of consensus by $110mn. AMZN continues to gain relevance. Even as most retailers have reported decelerating trends in 2Q, AMZN’s N. American sales growth held steady at 36%. Gross margin was the story once again. Gross margin rose 200bp in 2Q (better than our +114bp), the best performance in AMZN’s history. After buying $960mn of stock in 1Q:12 and $277mn in 4Q:11, AMZN bought no shares back in 2Q. In all, our 2012E revenue and CSOI remain roughly unchanged, but we are raising our 2013E CSOI by 7%."

FY12E EPS from $1.33 to $1.21, FY13E EPS from $2.73 to $3.16.

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 $220.01 yesterday.




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