Piper Jaffray Reiterates Overweight on Amazon

Piper Jaffray is out with its report today on Amazon

, reiterating Overweight. In its report, Piper Jaffray writes, "Yesterday we visited Amazon's newest fulfillment center in Phoenix. The bottom line is Amazon's ability to efficiently fulfill orders drives customers to make larger and more frequent orders, and solidifies the company's position as the online leader in global eCommerce. Given there were 13 fulfillment centers added in 2010 and another 15 expected to be built this year, investors have concern that Amazon's spending on fulfillment center capacity is endless. While we believe this investment cycle can continue for several years, we also believe it is critical to growing revenue at 30% plus over that time. Reiterate Overweight rating." At the time of posting, shares of AMZN were trading at $232.64, up 1.28% from Wednesday's close.