UPDATE: Credit Suisse Upgrades Amazon.com to Outperform; Sum of Many Parts - Amazon.com (NASDAQ:AMZN)

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Credit Suisse upgrades Amazon.com (NASDAQ: AMZN) from Neutral to Outperform and increases its price target from $190 to $270. Credit Suisse comments, "Our work suggests recent upward pressure on fulfillment center costs is driven by accelerated FC build outs in 2010/11 and growth in Fulfillment by Amazon (FBA), not a structural change in economics. In turn, we believe CSOI margin will stabilize in 2H12 and trend higher in FY13 driven by 1) gross margin upside from a growing mix of 3P, digital, and AWS revenue and 2) fulfillment productivity gains as new FC's opened over the past 2 years mature. As a result, we are raising our FY12 CSOI estimate by 12% to $1.7b and our longer term forecasts as well, and believe that our projections are above consensus."AMZN closed at $222.93 on Monday.

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