AMZN牛二：Youssef Squali# Stock
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Youssef Squali, Cantor Fitzgerald:
Reiterates a Buy rating, and raises his price target to $315 from $300.
Squali slightly trimmed estimates for this year to $74.093 billion in
revenue, $5.09 billion in Ebitda, and 98 cents in EPS, down from a prior $74
.096 billion, $5.31 billion, and $1 per share. “Much of the upside in
operating profit was driven by the 260bps Y/Y increase in gross margin (26.6
% vs. 24.0% in 1Q:12), more than offsetting the increase in operating
expenses (fulfillment, S&M and technology) [...] We believe the improvement
in gross margin was primarily driven by a) faster growth in 3P units vs.
total paid units, b) growing share of digital sales (U.S. especially), and c
) lower shipping costs. As sales of digital goods continue to outpace the
rest of the business and as Amazon opens more distribution centers and
reduces shipping time/cost, we believe the positive trend in underlying
margins will continue.”
Reiterates a Buy rating, and raises his price target to $315 from $300.
Squali slightly trimmed estimates for this year to $74.093 billion in
revenue, $5.09 billion in Ebitda, and 98 cents in EPS, down from a prior $74
.096 billion, $5.31 billion, and $1 per share. “Much of the upside in
operating profit was driven by the 260bps Y/Y increase in gross margin (26.6
% vs. 24.0% in 1Q:12), more than offsetting the increase in operating
expenses (fulfillment, S&M and technology) [...] We believe the improvement
in gross margin was primarily driven by a) faster growth in 3P units vs.
total paid units, b) growing share of digital sales (U.S. especially), and c
) lower shipping costs. As sales of digital goods continue to outpace the
rest of the business and as Amazon opens more distribution centers and
reduces shipping time/cost, we believe the positive trend in underlying
margins will continue.”