UPDATE: Telsey Lowers Amazon.com (AMZN) PT To $3,850 (correction)
Telsey analyst Joseph Feldman maintains Amazon.com (NASDAQ: AMZN) at Outperform with a target of $3,850.00 (from $4,000.00).
The analyst comments "In the medium term, we believe that Amazon should continue to gain market share by leveraging its sticky customer base (200MM+ Prime members), small business relationships, and retail consolidation. The focus on newer businesses and initiatives—grocery, pharmacy, fashion, home, private brands, third-party, same-day/one-day delivery, and Amazon Logistics—is making Amazon more valuable. The strong growth and profitability of AWS, as well as new media and advertising offerings, should continue to outperform the company average and support Retail. As such, we are maintaining our Outperform rating, but are lowering our 12-month price target by $150 to $3,850, based on a combination of EV/EBITDA (~22x our new 2022 EBITDA estimate of $87B, down from $94B) and sum-of-the parts."
For an analyst ratings summary and ratings history on Amazon.com click here. For more ratings news on Amazon.com click here.
Shares of Amazon.com closed at $3446.57 yesterday.