Janney Montgomery Scott Upgrades Amazon.com (AMZN) to Buy; Improves Growth Outlook
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Janney Montgomery Scott upgrades Amazon.com (Nasdaq: AMZN) from Neutral to Buy.
Janney analyst says, "We are upgrading AMZN to a BUY from Neutral as we 1) maintain our positive view on the E-commerce sector with improved growth outlook of 5-10% for 2) expect market share gains to continue despite increased competition, based on an improved pricing/shipping strategy and expanded selection; 3) see rapid growth in 3P, which fuels stronger unit growth and helps insulate margins; and 4) believe increasing leverage over fixed costs is driving margin upside. As such, we expect EPS growth of 25% over the next 2-3 years. AMZN reported better than expected Q3 results with accelerating growth and a significant increase in operating profit per unit. We are raising our FV to $135 based on 22x our FY10 FCF estimate of $6.12/share."
To see more analyst ratings on AMZN Click Here.
Amazon.com, Inc. operates as an online retailer in North America and internationally.
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