Cowen Lifts PT on Amazon.com (AMZN) to $830 Following Strong Q1, Outlook

Cowen and Company lifts its price target on Outperform-rated Amazon.com (Nasdaq: AMZN) from $750 up to $830 following strong Q1 results and outlook issued Thursday night.

Analyst John Blackledge commented, Total revenue was $29.1BN, +28% y/y (+29% y/y x-FX), $1.1BN or 4% above our and Street est., the bulk of the beat was driven by higher Int'l revenue, as Int'l EGM of $7BN, +31% y/y and 10% above our forecast (~55% of the rev. beat), Int'l Media also better, while NA EGM revenue of $13.5BN, accelerated to +32% y/y, and ~2% above our forecast. AWS revenue was $2.6BN (+64% y/y), largely inline.

Blackledge also updated estimates: AMZN’s 2Q16 revenue guide of $28.5-$30.5BN, +21-32% y/y, a huge revenue guide given our $28.6BN pre-print estimate and cons. $28.3BN est. and AMZN recently posting revenue results near or above the high end of guide. CSOI guide of $1.2MM- $1.8BN vs. our pre-print est. of $1.7BN and cons. $1.5BN. We raised '16'-21 estimates, mainly increasing revenue (significantly), while maintaining CSOI margins.

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