Piper Jaffray Reiterates Overweight Rating, $260 PT on Amazon.com
In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating and $260.00 price target on Amazon.com (NASDAQ: AMZN).
Piper Jaffray noted, “July NPD video game software sales were down 23%, vs. down 29% in the month of June and 34% in the June quarter. This improvement is a slight positive read on the September quarter given we are modeling for a deceleration in Amazon's NA media sales growth of 6% in Sept-12 vs. 18% in Jun-12. We estimate video games account for 15% of media revenue. Overall, we believe the NPD data gives an anecdotal read into the media segment. We remain confident in Amazon as the best way to play the long-term eCommerce theme.”
Amazon.com closed on Thursday at $234.06.
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