AMZN熊二：Doug Anmuth# Stock
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Doug Anmuth, J.P. Morgan:
Reiterates a Neutral rating, and cuts his price target to $285 from $300.
Anmuth cut this year’s estimate to $73.92 billion in revenue, $2.05 billion
in CSOI, and $1.13 per share in GAAP profit, down from $75.54 billion, $2.
12 billion, and $1.63. “Amazon’s 1Q13 results were mixed and overall
support our view that gross profit and other key metrics across the Amazon
platform could continue to slow in upcoming quarters [...] There are clearly
a lot of moving pieces in Amazon’s business and we recognize they may not
all move together in any one quarter. But even at 35% gross profit growth
and 30% unit growth—strong absolute levels—they do represent a more
material slowdown compared to results in recent quarters [...] Slower gross
profit growth was due to the deceleration in 3P sales – which grew
approximately 39% Y/Y in 1Q according to our estimates, down from 43% in 4Q
– as well as continued investments in international and increased
competition in the US.”
Reiterates a Neutral rating, and cuts his price target to $285 from $300.
Anmuth cut this year’s estimate to $73.92 billion in revenue, $2.05 billion
in CSOI, and $1.13 per share in GAAP profit, down from $75.54 billion, $2.
12 billion, and $1.63. “Amazon’s 1Q13 results were mixed and overall
support our view that gross profit and other key metrics across the Amazon
platform could continue to slow in upcoming quarters [...] There are clearly
a lot of moving pieces in Amazon’s business and we recognize they may not
all move together in any one quarter. But even at 35% gross profit growth
and 30% unit growth—strong absolute levels—they do represent a more
material slowdown compared to results in recent quarters [...] Slower gross
profit growth was due to the deceleration in 3P sales – which grew
approximately 39% Y/Y in 1Q according to our estimates, down from 43% in 4Q
– as well as continued investments in international and increased
competition in the US.”