UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on Amazon.com

In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating on Amazon.com

, and raised its price target from $250.00 to $260.00. Oppenheimer noted, “We're raising our price target on AMZN to $260 from $250 after the company reported better than expected margins. While revenues increased 32% y/y, on a constant currency basis, 2% ahead of estimate and 1% below the Street, Segment OI margins were 3.0% adjusting for the KIVA acquisition vs. our 1.4% and the Street's 1.9%. While the company guided to revenues up 19-31% y/y and SOI margins of 0.8% ex. KIVA, this seems conservative after reporting two consecutive quarters of 3.0% organic margins. As a result, we're raising our 2013 SOI estimate by 4%, reflecting 2.0% margins, which appears conservative if the company is finally seeing margin benefits of 3P, AWS and scale benefits.” Amazon.com closed on Thursday at $220.01.