UPDATE: Raymond James Upgrades Amazon.com Inc from Market Perform to Strong Buy, Announces $446.00 Price Target
In a report published Friday, Raymond James Analyst Aaron Kessler upgrades Amazon.com Inc. (NASDAQ: AMZN) from Market Perform to a Strong Buy and established a $446 PT.
Kessler noted 3 primary reasons for the upgrade, “1) Continued revenue momentum with accelerating growth in the U.S. - Amazon also noted millions of new prime subscribers added in the quarter; 2) Strong AWS (Amazon Web Services) growth - we estimate growth of ~77% in 2013; 3) Our expectation for improving margins in 2014 and beyond (i.e., larger more automated warehouses, improving international margins). Ultimately we believe long-term non-GAAP operating margins can reach ~10%.”
Amazon.com Inc. is currently up 8 percent right at the open after closing at 332.21 on Thursday.
Latest Ratings for AMZN
|Aug 2015||Raymond James||Upgrades||Outperform||Strong Buy|
|Aug 2015||Evercore ISI||Upgrades||Hold||Buy|
|Jul 2015||Stifel Nicolaus||Upgrades||Hold||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.