Amazon (AMZN) Q3 Not as Bad as at First Blush, SunTrust Robinson Humphrey Says
SunTrust Robinson Humphrey analyst Robert Peck lowered his price target on Amazon.com (NASDAQ: AMZN) to $360.00 (from $380.00) following Q3 results, which he said were not as bad as at first blush.
Peck commented, ") At first blush, Amazon had a very difficult 3Q, missing revenue and profit estimates. However, we think the results and guidance, while not robust, are more in-line with consensus when adjusting for several one-timers and Fx (see right and page 2): 2) Gross profit grew ~30%; 3) gross margin and operating margin beat estimates; 4) N. America Media deceleration a negative on rent vs. buy shift; 5) Investments continue in Int'l, dragging margins lower and; 6) Revenue guidance in-line with Street at high-end ex. Fx."
The firm's FY2014 revenue/EDITDA/EPS goes to $89.8B/$5.8B/($1.05) from $91.1B/$6.2B/$0.00, with gross profit growth remaining ~29%. FY2015 revenue/EBITDA/EPS goes to $106.5B/$8.6B/$2.18 from $109.2B/$8.6/$3.15, with gross profit growth remaining ~27
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Shares of Amazon.com closed at $313.18 yesterday.