Piper Jaffray Said Amazon.com (AMZN) Can Beat Q2 EPS Expectations
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Piper Jaffray just issued some bullish comments on Amazon.com (Nasdaq: AMZN) saying the company's Q2 margin guidance is low, the company can beat earnings expectations, and the stock will trend higher over time.
Piper analyst Gene Munster, said, "Our proprietary pricing survey of the 85 top-selling products on Amazon's U.S. site shows prices are up 6.6% on average from March 30 to May 15, which we believe is an indication that retail inventory management has been good and gross margins are improving." The firm said this method has been successful in predicting gross margin direction in December 2008, and in March 2009.
The firm reiterated their Buy rating and $94 price target.
Shares of Amazon.com are flat today at $76.82.
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