Amazon (AMZN) Has 49MM Prime Users, Cowen Estimates; PT Lifted to $960
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Cowen analyst John Blackledge reiterated an Outperform rating and raised his price target on Amazon.com (NASDAQ: AMZN) to $960.00 (from $900.00) after the firm's proprietary data suggests 49MM US Prime members as of Aug ’16, a 33% CAGR vs. Jan '13, reflecting accelerating annual net adds.
Prime added 5MM members in ’13, 7MM in ’14, 10MM in ’15 and the firm's data suggests its tracking to 12MM adds in ’16, implying net adds accelerating at massive scale.
They estimate AMZN US Prime's remaining addressable market is over 60MM. Also they believe AMZN has a good opportunity to capture a significant amount of the ~30MM US SMBs over time.
"Prime growth has driven large overlap gains of traditional retailer customer bases, resulting in market share gains," Blackledge notes ."Prime purchasing data suggests AMZN can accelerate share gains in large non-trad'l verticals, such as Grocery."
Shares of Amazon.com closed at $805.75 yesterday.
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