UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Amazon.com Following Solid 1Q14 Results

In a report published Friday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on Amazon.com AMZN, but lowered the price target from $449.00 to $439.00. In the report, Credit Suisse noted, “AMZN reported solid 1Q14 results - revenue of $19.7 billion up 23% x-FX was slightly above our forecast, while CSOI of $502 million (up 14% year over year), was in line with our $507 million forecast (and was above the mid-point of guidance). Consequently, CSOI margin of 2.5% vs. 2.7% in 1Q13 was 100 bps below our 2.6%. As we have lowered the trajectory of margin growth and increased our Capex assumptions, we are lowering our price target to $439 (from $449 prior).” Amazon.com closed on Friday at $337.15.