UPDATE: JP Morgan Reduces PT to $245 on Amazon on Weaker Euro
JP Morgan reiterates its Overweight rating on Amazon (NASDAQ: AMZN) but reduces its price target from $250 to $245.
JP Morgan comments, "We are reducing our AMZN estimates to adjust for weaker EUR and GBP currencies relative to the USD, as well as the potential for macro weakness overseas. Our 2012 revenue and GAAP EPS estimates are ~1.5% and ~6% lower (down ~1% and ~2% adjusting for FX only). The negative impact to our EPS is greater due to relatively stable USD denominated stock comp and amortization expenses. We expect international to represent 23% and 26% of consolidated CSOI in 2012 and 2013."
AMZN closed at $213.21 on Tuesday.
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