In a report published Wednesday, Benchmark Company reiterated its Buy rating on Amazon.com AMZN, and raised its price target from $260.00 to $310.00.
Benchmark Company noted, “We are raising our price target on Amazon (AMZN-Buy) from $260 to $310 as rising digital sales, enhanced by a successful slate of device launches in September, leveraging the development of the international mobile app portal in June, and strong 3P sales could result in better-than-expected operating leverage in 4Q12 and continue into 2013, helping offset ongoing investment initiatives. While we recognize that revenue could be somewhat at risk from a softer-than-expected finish in the domestic ecommerce market, we believe Amazon continued to take global market share. Furthermore, we are optimistic about Amazon's outlook with a potential international launch of an 8.9” Kindle Fire and Kindle Paperwhite in 2013, and with AWS and Amazon's advertising platform combining for only an estimated $2.5 billion in revenue in 2012, offering significant market opportunities.”
Amazon.com closed on Tuesday at $266.38.
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