UPDATE: UBS Upgrades Amazon.com (AMZN) to Buy

October 18, 2013 6:41 AM EDT
Get Alerts AMZN Hot Sheet
Price: $807.48 --0%

Rating Summary:
    45 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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(Updated - October 18, 2013 11:04 AM EDT)

UBS upgraded Amazon.com (NASDAQ: AMZN) from Neutral to Buy with a price target of $385.00 (from $305.00).

Analyst Eric J. Sheridan said, "We are upgrading shares of Amazon from Neutral to Buy & taking our PT to $385 (from $305) on the back of a bullish secular backdrop for Amazon's position in multichannel commerce & specific items that we think could propel both higher operating results and stock outperformance over the coming 12-18 months. Specific drivers for our upgrade: a) our expectations for a reacceleration of revenue growth and paid unit growth in Q4 and beyond (indicators being strong seasonal hiring trends, video game/console sales, easing paid unit comparisons, AWS); b) the globalization of its Kindle ecosystem; & c) its under-appreciated Advertising business."

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 $310.77 yesterday.

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