In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Amazon.com AMZN, and raised its price target from $305.00 to $315.00.
Deutsche Bank noted, “Amazon reported gross profit and EBITDA 10% and 31% above our estimates. The key metric we follow to track the progress of AMZN's business is gross profit ex-fx, which was up 44% Y/Y, accelerating the quarter as the company shifts more units to 3-P and generates more contribution dollars per 1-P and 3-P unit. Stated another way, AMZN is growing north of 40% and is getting better unit economics. There is some concern about decelerating unit growth, but we think this is a function of AMZN choosing not to chase unprofitable retail units in favor of higher-contribution 3-P. AMZN continues to execute its long term strategy of retail dominance. Shares remain Buy rated.”
Amazon.com closed on Tuesday at $260.35.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in