Piper Jaffray Lifts Amazon.com (AMZN) to Buy, Says "Party Just Getting Started"
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Piper Jaffray is upgrading Amazon.com (Nasdaq: AMZN) today from Neutral to Buy and boosting its price target from $55 to $81, saying "The Party Is Just Getting Started."
On the upgrade, Piper Jaffray senior analyst Gene Munster said, "It all comes down to our survey which, in our view, confirms Amazon has a stellar customer experience, driving continued market share gains. We believe the superior customer experience will mean continued market share gains, and continued ecommerce innovations such as the Kindle book reader and the 'Amazon Remembers' iPhone application will drive revenues, earnings, and the stock price higher over the long-term."
Piper note that Amazon has outgrown the overall eCommerce space by an average of 20% over the past six quarters, and said while the rate of share gain will fluctuate, they believe the trend will continue.
On the high multiple, they said their study of the leading technology companies, including Apple (Nasdaq: AAPL), Google (Nasdaq: GOOG), and eBay (Nasdaq: EBAY) shows that an investment in a stock with a high multiple can still work if stronger-than-expected earnings eventually follow.
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