Wedbush Raises Price Target on Amazon.com (AMZN) Following 2Q EPS Beat
Wedbush reiterated an Outperform rating on Amazon.com (NASDAQ: AMZN), and raised the price target to $700.00 (from $575.00), following 2Q15. Revenue was $23.2 billion, vs. consensus estimate of $22.4 billion. EPS was $0.19, vs. the consensus estimate of $(0.14).
Analyst Michael Pachter commented, "Unexpected profits well above the high end of guidance and consensus clearly reflect the tremendous leverage in Amazon’s model. Revenue was $23.2 billion, vs. our and consensus estimate of $22.4 billion, and guidance of $20.6 – 22.8 billion. Operating income was $464 million vs. our estimate for an operating loss of $22 million and guidance for $(500) – 50 million, primarily driven by gross margin expansion well above our estimates (up 390 bps). GAAP EPS was $0.19, vs. our estimate of $(0.13) and the consensus estimate of $(0.14)."
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Shares of Amazon.com closed at $482.18 yesterday.