AMZN牛一：Colin Sebastian# Stock
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Colin Sebastian, R.W. Baird:
Reiterates a Buy rating and a $325 price target. Sebastian cut this year’s
estimates to $75.6 billion, and cut his GAAP EPS estimate to $1.13 from $1.
18, but raised his estimate for “consolidated segment operating income,”
or CSOI, to $2.07 billion from $2.05 billion. “CSOI of $441 million (2.7%
margin), easily beat consensus of $343 million (2.1% margin) as gross margin
hit an all time high. While incremental margin turned lower in Q1, we note
that NA segment margins are impacted by depreciation of AWS investments vs.
moderating year over year declines in International margins. Amazon
continues to invest in significant growth opportunities in retail and
technology (AWS), which in our view, justifies management taking a longer-
term view of the margin profile [...] While unit and customer growth
decelerated, we note that comps are easier in 2H, and Amazon continues to
build significant market share. Maintain Outperform rating [...] We believe
that a wide guidance range reflects some macro uncertainties, as well as the
ongoing variability between first- and third-party unit mix.”
Reiterates a Buy rating and a $325 price target. Sebastian cut this year’s
estimates to $75.6 billion, and cut his GAAP EPS estimate to $1.13 from $1.
18, but raised his estimate for “consolidated segment operating income,”
or CSOI, to $2.07 billion from $2.05 billion. “CSOI of $441 million (2.7%
margin), easily beat consensus of $343 million (2.1% margin) as gross margin
hit an all time high. While incremental margin turned lower in Q1, we note
that NA segment margins are impacted by depreciation of AWS investments vs.
moderating year over year declines in International margins. Amazon
continues to invest in significant growth opportunities in retail and
technology (AWS), which in our view, justifies management taking a longer-
term view of the margin profile [...] While unit and customer growth
decelerated, we note that comps are easier in 2H, and Amazon continues to
build significant market share. Maintain Outperform rating [...] We believe
that a wide guidance range reflects some macro uncertainties, as well as the
ongoing variability between first- and third-party unit mix.”