UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Amazon.com on Solid 1Q13 Results

In a report published Friday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on Amazon.com

, but lowered the price target from $334.00 to $320.00. In the report, Ju noted, “Amazon reported solid 1Q13 results: revenue of $16.07 bn up 24%, excluding FX, was in-line with our forecast, consolidated segment operating income (CSOI) of $441 mn (up 11% year over year), beat our $333 mn forecast (and was above the high end of guidance). Consequently, CSOI margin of 2.7% vs. 3.0% in 1Q12 was 60 bps above our 2.1% forecast, helped by continued upside in gross margin. In short, the 1Q13 results flow through our financials and take our TP to US$320 from US$334.” Amazon.com closed on Thursday at $274.70.