UPDATE: JP Morgan Downgrades Amazon.com to Neutral; Profit Growth to Decelerate in 2013
JP Morgan downgraded Amazon.com (NASDAQ: AMZN) from Overweight to Neutral and lowered the price target from $333.00 to $300.00.
JP Morgan analyst Doug Anmuth noted, "[O]ur proprietary bottom-up analysis suggests more material deceleration in gross profit growth to 31% in 2013 as: 1) 3P sales moderate; 2) first-party (1P) margins could compress on greater international mix and more devices; and 3) Amazon faces tougher comps. We continue to believe that Amazon will gain share of overall eCommerce and become a more valuable company over time, but think the near-term risk/reward at current levels is more balanced given slower unit trends and what we believe will be moderating gross profit growth in 2013."
Amazon.com closed at $275.10 on Wednesday.
Latest Ratings for AMZN
|Jul 2014||B Riley||Downgrades||Buy||Neutral|
|Jul 2014||Raymond James||Downgrades||Outperform||Market Perform|
|Jul 2014||Canaccord Genuity||Maintains||Hold|
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