Jefferies Maintains Buy on Amazon (AMZN) Despite Miss; Short Term Pain for Long Term Gain

Jefferies trimmed its price target on Amazon.com (NASDAQ: AMZN) from $250 to $240 following results after the close, while maintaining a Buy rating.

The firm notes higher investment levels to support future growth caused the company to miss 3Q EPS.

Jefferies said while the stock is not cheap, the maintain the Buy rating to reflect: 1) AMZN's superior growth momentum, which we believe is sustainable near/medium term, 2) a very strong competitive position and 3) potential revenue upside in 4Q/FY12 from the launch of Kindle Fire this holiday season.

For more ratings news on Amazon.com click here and for the rating history of Amazon.com click here.

Shares of Amazon.com closed at $227.15 yesterday.

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