AMZN牛四： Daniel Kurnos# Stock
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Daniel Kurnos, The Benchmark Company:
Reiterates a Buy rating, and a $330 price target. Kurnos is keeping his
estimate for $77 billion in revenue this year, adjusted Ebitda of $5.3
billion, and $3.30 per share in adjusted EPS. “Although unit growth slowed
200bps q/q to 30%, excluding digital, 3P sales increased by 300bps q/q as a
percentage of physical units, which, combined with the ongoing digital shift
, led to OIBDA of $1.1 billion, up 37% y/y, exceeding our $979 million
estimate. Operating income of $181 million came in well ahead of consensus
despite a significant ramp in D&A [...] Consolidated Media sales growth ex-
FX was flat sequentially on soft International Media growth. We think
International Media may remain muted until a better digital ecosystem is
established and Amazon builds out its subscription and a la carte platforms
in additional geographies.”
Reiterates a Buy rating, and a $330 price target. Kurnos is keeping his
estimate for $77 billion in revenue this year, adjusted Ebitda of $5.3
billion, and $3.30 per share in adjusted EPS. “Although unit growth slowed
200bps q/q to 30%, excluding digital, 3P sales increased by 300bps q/q as a
percentage of physical units, which, combined with the ongoing digital shift
, led to OIBDA of $1.1 billion, up 37% y/y, exceeding our $979 million
estimate. Operating income of $181 million came in well ahead of consensus
despite a significant ramp in D&A [...] Consolidated Media sales growth ex-
FX was flat sequentially on soft International Media growth. We think
International Media may remain muted until a better digital ecosystem is
established and Amazon builds out its subscription and a la carte platforms
in additional geographies.”