Benchmark Lowers Amazon Target Price to $151 (AMZN)

Benchmark reduced Amazon.com's

target price 16%, from $180 to $151, reflecting on the weakness of the Euro against the dollar and slowdown in the European market. Amazon's North American sales are still strong, and could reach 33% y/y growth in 2010. Benchmark analysts Frederick Moran, Clayton Moran, and Daniel Kurnos had this to say about Amazon: "We are lowering our 2010 estimates for Amazon, with total revenue forecast to grow by 31% y/y to $32 billion, down from $33.4 billion prior. North America revenue may grow by 33% y/y while international revenue growth may slow to 28% y/y. Our projected OIBDA falls from $2.7 billion to $2.6 billion, still growing by 41% y/y. Our EPS estimate comes down from $3.00 to $2.90 with free cash flow of $4.36 per share." AMZN is still rated Buy by the analysts. Shares of AMZN are currently trading at $123.21.