Amazon Rating Raised On The Future of The Kindle
By Benzinga Staff
February 08, 2010 10:22 AM
February 08, 2010 10:22 AM
Kindle's rise lifts Amazon(Nasdaq: AMZN) to a buy rating at Collins Stewart.
After a 10% slide in the stock in the past month, Collins Stewart analyst Sandeep Aggarwal upgraded the stock to a buy, citing the Kindle's strength in the all-important e-book sector.
Aggarwal estimates that Amazon will sell 3.85 million Kindles this year, and if true, that would show a profit of $650 million on $2.5 billion in sales.
The e-reader sector is starting to heat up. Last month, Apple(Nasdaq: AAPL) introduced its iPad tablet, last week Google(Nasdaq: GOOG) was rumored to be entering the race with a "gPad"-friendly operating system and this week, Barnes and Noble (NYSE: BKS) is restocked with its nook e-reader device.
See more here on TheStreet.com.
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