Cantor Fitzgerald Raised Price Target to $670 on Amazon.com (AMZN) Following 2Q EPS Beat
Cantor Fitzgerald reiterated a Buy rating on Amazon.com (NASDAQ: AMZN), and raised the price target to $670.00 (from $460.00), following 2Q15 results. Revenue was $23.2B vs. consensus of $22.4B. EPS came in at $0.19, exceeding expectations of -$0.14.
Analyst Youssef Squali commented, "AMZN delivered exceptionally strong 2Q results, exceeding Street expectations across all key metrics, with an impressive re-acceleration in the top line across North America and International and driving better-than-expected EPS. AWS was particularly robust. While impossible to know for certain, we believe that Amazon is now starting to move away from the heavy build years for its ecommerce business just as its top line accelerates, yielding the beginnings of the much sought-after margin leverage. If sustained, we believe this trend could lead to EPS outperformance for several years to come. We remain bullish on AMZN and reiterate our BUY rating. We're also raising our estimates and PT to $670 from $460."
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Shares of Amazon.com closed at $482.18 yesterday.