Topeka Capital Markets Comments on Amazon Kindle Fire Reports

Topeka Capital Markets provided color on reports from blog UnwiredView.com of Amazon AMZN ordering two million next-generation 7-inch Kindle Fires set for an August 7 delivery in a research note published today. Topeka Capital Markets has a Buy rating and $400 price target on the company. In the note, Topeka Capital Markets stated, "Technology website CNET had previously stated that Amazon will make a product announcement on July 31. With the release of the Nexus 7 in July and the impending release of the iPad Mini in September, the timing of the new gen Kindle Fire, if correct, should help offset these competitive pressures." Shares of Amazon were trading at $228.68 at the time of posting, down 0.37% from Tuesday's market close.