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Amazon.com (AMZN) PT Raised to 'Street High' $3,700 at Cowen; Sees Q2 Beat

July 13, 2020 7:08 AM EDT
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Price: $180.38 +0.31%

Rating Summary:
    65 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Cowen analyst John Blackledge raised the price target on Amazon.com (NASDAQ: AMZN) to a 'Street High' $3,700.00 (from $2,750.00) while maintaining a Outperform rating.

The analyst commented, "We expect strong 2Q20 results with Rev. & Op. Inc. above high end of guide range. Key rev drivers include AWS, Adv., Subscription, & accelerating eCom growth (+29% y/y vs. +17% y/y in 2Q19) given cont'd COVID-19 demand surge. Our 2Q20 Op. Inc. forecast is driven by AWS, Ad biz & 3P mix shift offset by COVID investments. We raised est & rolled forward DCF to '21, PT to $3,700; Reiterate Outperform."



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