Benchmark Reiterates Buy, $210 PT on Amazon.com

Benchmark maintains its Buy rating and $210 target price on Amazon.com (NASDAQ: AMZN) as it believes the disappointing results and guidance do not affect long-term investment thesis on the company.

Benchmark says, "The shortfall was primarily driven by a slowdown in worldwide Media sales. 1Q12 guidance was also disappointing, with revenue growth guided in a range of 22-36% versus the street at 36%, and the midpoint of operating income guidance calling for a $50 million loss. However, 4Q EPS of $0.38 doubled consensus at $0.19, while much of the downside to 1Q guidance may be attributable to elevated D&A due to ongoing investment spending."

AMZN closed at $194.44 a share on Tuesday.