Citigroup Doubles '08 Amazon (AMZN) Kindle Sales Estimates

According to analysts at Citigroup, sales of Amazon.com's (Nasdaq: AMZN) e-book reader Kindle appear much stronger than expected.

The firm said, "Although AMZN has not disclosed Kindle sales, our collection of datapoints leads us to double our '08 unit assumption from 190,000 to 380,000. In its first year (2002), that's exactly how many iPods were sold. Turns out the Kindle is becoming the iPod of the book world."

Citi also said Kindle could be the top 'gadget' gift this holiday season and they see $1 billion in Kindel-related revenue by 2010, which is up from the prior estimate of $400-$700 million.

Citigroup is reiterating their Buy rating and $97 price target on Amazon.com.

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