Amazon.com (AMZN) PT Raised to $2,000 at Guggenheim
Guggenheim raised its price target on Amazon.com (NASDAQ: AMZN) to $2,000.00 (from $1,850.00) while maintaining a Buy rating following the company's 2Q earnings report. AMZN reported a strong 2Q18 that included a +39.3% revenue increase (vs. +40.1% estimates) and much better-than-expected margins/CSOI.
Prime member growth is showing little signs of a slowdown, with more new members joining on Prime Day than on any other day in AMZN history. Subscription Services revenue grew 57% to $3.4bn in 2Q (~in-line QoQ); Guggenheim forecasts >50% growth in FY18 (on top of FY17's >50% increase).