Amazon.com (AMZN) Shares Higher Amid Front-Lit Kindle Rumor, Analyst Upgrade
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Price: $262.65 -0.94%
Rating Summary:
68 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
68 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Shares of Amazon.com (NASDAQ: AMZN) are ticking higher in Tuesday's pre-market session following several bullish news items this morning.
The UK's Telegraph reported new versions of the Kindle ereader could be unveiled sometime this summer, with a rumored launch in July. A source said the device could be front-lit, specifically designed for reading in the dark.
Elsewhere on the Street Tuesday, Credit Suisse's Spencer Wang upgraded Amazon.com shares from Neutral to Outperform earlier. The analyst boosted his price target by about 42 percent from $190 to $270.
The Credit Suisse analyst is looking for better margins during the second half of this year and into 2013 as the company's ramp of fulfillment centers from 2010 and 2011 should ease. Wang also mentioned Amazon's buyback program, suggesting that although the retailer doesn't often buy its own shares, "the stock has historically outperformed the S&P500 by 132% in the 12 months following repurchase activity."
With the stock up about 1.7 percent to $226 at last check, Wang's new target implies potential upside of about 19 percent.
The UK's Telegraph reported new versions of the Kindle ereader could be unveiled sometime this summer, with a rumored launch in July. A source said the device could be front-lit, specifically designed for reading in the dark.
Elsewhere on the Street Tuesday, Credit Suisse's Spencer Wang upgraded Amazon.com shares from Neutral to Outperform earlier. The analyst boosted his price target by about 42 percent from $190 to $270.
The Credit Suisse analyst is looking for better margins during the second half of this year and into 2013 as the company's ramp of fulfillment centers from 2010 and 2011 should ease. Wang also mentioned Amazon's buyback program, suggesting that although the retailer doesn't often buy its own shares, "the stock has historically outperformed the S&P500 by 132% in the 12 months following repurchase activity."
With the stock up about 1.7 percent to $226 at last check, Wang's new target implies potential upside of about 19 percent.
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