UPDATE: Benchmark Raises Amazon.com's PT

According to a research report published this morning, Benchmark has increased Amazon.com's

PT from $210 to $260. In the report, Benchmark commented, "Amazon.com (AMZN-Buy, PT from $210 to $260) reported strong 1Q12 revenue results, with total revenue growing by 34% y/y to $13.2 billion, exceeding consensus and our estimate at $12.9 billion and the mid-point of guidance at $12.7 billion. The outperformance was primarily driven by a reacceleration in domestic Media sales. Ongoing strength in third-party sales helped drive OIBDA up 28% y/y to $809 million, and operating income of $192 million, ahead of consensus at $51 million and our $84 million estimate. EPS of $0.28 was $0.20 ahead of consensus, but included an $89 million non-cash gain from an equity investment in LivingSocial." Amazon.com is currently trading at $223.69.