Benchmark Upgrades Amazon.com (AMZN) to Buy, Raises Target to $210
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Price: $266.22 -0.98%
Rating Summary:
26 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
Rating Summary:
26 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
Trade AMZN Now!
Shares of Amazon.com (NASDAQ: AMZN) are moving higher in pre-market action as an analyst at Benchmark just upgraded the stock from Hold to Buy. The firm also boosted its price target on AMZN shares from $200 to $210.
The firm said it expects Amazon shares "to benefit in 2011 from solid ecommerce growth, building off the momentum and accelerating demand trends witnessed over the recent holiday period." Benchmark also points out that "despite a modest economic environment with sovereign debt concerns, Eurozone ecommerce spending improved by over 20% y/y in 2009..."
Benchmark said its new price target is based on 60x the firm's FY11 EPS estimate of $3.50.
With the stock up 0.9% to $185.90 this morning, Benchmark's new price target implies potential upside of about 13%.
For more ratings news on Amazon.com click here and for the rating history of Amazon.com click here.
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The firm said it expects Amazon shares "to benefit in 2011 from solid ecommerce growth, building off the momentum and accelerating demand trends witnessed over the recent holiday period." Benchmark also points out that "despite a modest economic environment with sovereign debt concerns, Eurozone ecommerce spending improved by over 20% y/y in 2009..."
Benchmark said its new price target is based on 60x the firm's FY11 EPS estimate of $3.50.
With the stock up 0.9% to $185.90 this morning, Benchmark's new price target implies potential upside of about 13%.
For more ratings news on Amazon.com click here and for the rating history of Amazon.com click here.
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