Nomura Securities maintains a 'Neutral' on Amazon.com (AMZN); An Analysis of D&A

Nomura Securities maintains a 'Neutral' on Amazon.com (NASDAQ: AMZN) price target of $220.00.

Nomura analyst, Brian Nowak, said, "Our 2012 and 2013 CSOI margin estimates are 23bp and 87bp below consensus. In today’s note we focus on D&A and our modeling of D&A linked to depreciable gross assets. While there are certainly more exciting things to analyze at AMZN than D&A, we believe the Street is under-estimating future D&A margin pressure from the company’s higher already-committed and future capex levels; our D&A differential to the Street accounts for nearly 50% of the total variance between us and consensus."

For an analyst ratings summary and ratings history on Amazon.com click here. For more ratings news on Amazon.com click here.

Shares of Amazon.com closed at $191.99 yesterday.

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