Raymond James Upgrades Amazon.com to Strong-Buy (AMZN)
Amazon.com (NASDAQ:AMZN) was upgraded by investment analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $446.00 price objective on the stock. Raymond James’ price objective indicates a potential upside of 22.73% from the company’s current price.
The analysts wrote, “1) Continued revenue momentum with accelerating growth in the U.S. – Amazon also noted millions of new prime subscribers added in the quarter; 2) Strong AWS (Amazon Web Services) growth – we estimate growth of ~77% in 2013; 3) Our expectation for improving margins in 2014 and beyond (i.e., larger more automated warehouses, improving international margins). Ultimately we believe long-term non-GAAP operating margins can reach ~10%.”
Shares of Amazon.com (NASDAQ:AMZN) traded up 9.39% during mid-day trading on Friday, hitting $363.39. The stock had a trading volume of 12,043,903 shares. Amazon.com has a 52 week low of $218.18 and a 52 week high of $313.62. The stock has a 50-day moving average of $294.1 and a 200-day moving average of $277.1. The company’s market cap is $166.0 billion.
Amazon.com (NASDAQ:AMZN) last released its earnings data on Thursday, October 24th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.09). The company had revenue of $17.09 billion for the quarter, compared to the consensus estimate of $16.77 billion. During the same quarter in the previous year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. Analysts expect that Amazon.com will post $0.87 EPS for the current fiscal year.
AMZN has been the subject of a number of other recent research reports. Analysts at Bank of America Corp. reiterated a “buy” rating on shares of Amazon.com in a research note to investors on Tuesday. They now have a $365.00 price target on the stock, up previously from $325.00. Separately, analysts at UBS AG upgraded shares of Amazon.com from a “neutral” rating to a “buy” rating in a research note to investors on Friday, October 18th. They now have a $385.00 price target on the stock. Finally, analysts at Zacks reiterated an “outperform” rating on shares of Amazon.com in a research note to investors on Thursday, October 17th. They now have a $373.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Amazon.com presently has a consensus rating of “Buy” and an average price target of $374.20.
Amazon.com, Inc (NASDAQ:AMZN), incorporated on May 28, 1996, serves consumers through its retail websites and focus on selection, price, and convenience.
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