Amazon.com's (AMZN) Price Target Raised to $700 at FBN
FBN Securities maintained an Outperform rating on Amazon.com (NASDAQ: AMZN) and raised its price target to $700.00 (from $650.00). The change follows strong Q3 results.
Analyst Shebly Seyrafi said, "We retain our Outperform rating on AMZN and raise our PT from $650 to $700. The company reported a strong FQ3 with revenue growth of 30% Y/Y at CC driven by strength in N. America EGM (up 35% Y/Y at CC) and by improving International sales as the latter grew by 24% Y/Y at CC, up from 13% Y/Y the year before. Admittedly, in FQ2 2014 sales dropped significantly in Japan due to the imposition of a sales tax increase in April 2014 (causing sales to shift from FQ2 to FQ1), but even so AMZN noted that Prime Day (a global event) and a greater Prime selection helped drive strength in international sales. Even though consensus estimates on AMZN are based on GAAP EPS, AMZN’s shares are now trading at 28x our F2017 NG EPS estimate of $21.56. This is not as outlandish a P/E as some quote on AMZN (again, based on GAAP estimates)."
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Shares of Amazon.com closed at $563.91 yesterday.