Baird Maintains an 'Outperform' on Amazon.com (AMZN); Top-line Miss More Bark Than Bite

Baird maintains an 'Outperform' on Amazon.com (NASDAQ: AMZN) price target lowered from $260 to $250.

Baird analyst said, "AMZN reported Q4 revenues of $17.4 billion (+34% ex-FX), below consensus of $18.3 billion and our $18.2 billion target. We believe downside was largely due to a shift to third-party units (+65%) as well as slower US media revenues...Margin upside shows some light in the tunnel...We are lowering our Q1 and 2012 revenue estimates to $12.7 billion and $62 billion, from $13.1 billion and $65 billion, respectively; our CSOI estimates move to $170 million and $1.5 billion from $177 million and $1.6 billion."

"...As we view Amazon a core Internet holding with the most visible growth opportunity in the group, we maintain our rating."

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 $194.44 yesterday.

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