UPDATE: Bank Of America Reiterates On Amazon.com Ahead Of 3Q Results

In a report published Monday, Bank of America analyst Justin Post reiterated a Buy rating on

, but lowered the price target from $400.00 to $390.00. In the report, Bank of America noted, “We think industry trends improved modestly in the U.S. in 3Q given ComScore and ChannelAdvisor data and see potential for better stock performance if the U.S. retail business improves. We expect 3Q revs/CSOI/EPS of $20.65bn/($33.0mn)/($0.10) vs. Street at $20.86bn/($35.6mn)/($0.04). 3Q revenue and unit growth vs 2Q (2Q rev. and units grew 23%) will be important for sentiment, in our view. Other revenue growth (q/q) will be closely watched given AWS price cuts in early 2Q and we believe impact of Fire Phone could be a negative swing factor (for revenue or margins).” Amazon.com, Inc. closed on Friday at $311.39.