AMZN熊一：Anthony DiClemente# Stock
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Anthony DiClemente, Barclays Capital:
Reiterates an Equal Weight rating and a $260 price target. DiClemente cut
his 2013 estimate to $75.56 billion in revenue from a prior $77.2 billion,
while raising his pro-forma operating income forecast to $2.54 billion from
$2.41 billion. His GAAP EPS remains at $2.12. “Amazon continued its trend
from last quarter of decelerating revenue growth coupled with improving
margins, as revenue grew 22% Y/Y compared to our estimate of 24%, and the
company’s 2.7% CSOI margin topped our estimate by 60bps. Shipping
efficiencies and increased revenue contribution from AWS and 3P sales helped
drive the margin expansion, while slowing international growth,
particularly in the media segment, weighed on Amazon’s top-line. Shares
traded down in the after-market as we believe investors may be focused on
the company’s 4th consecutive quarter of deceleration in paid-unit growth
compounded by weaker than expected 2Q guidance.”
Reiterates an Equal Weight rating and a $260 price target. DiClemente cut
his 2013 estimate to $75.56 billion in revenue from a prior $77.2 billion,
while raising his pro-forma operating income forecast to $2.54 billion from
$2.41 billion. His GAAP EPS remains at $2.12. “Amazon continued its trend
from last quarter of decelerating revenue growth coupled with improving
margins, as revenue grew 22% Y/Y compared to our estimate of 24%, and the
company’s 2.7% CSOI margin topped our estimate by 60bps. Shipping
efficiencies and increased revenue contribution from AWS and 3P sales helped
drive the margin expansion, while slowing international growth,
particularly in the media segment, weighed on Amazon’s top-line. Shares
traded down in the after-market as we believe investors may be focused on
the company’s 4th consecutive quarter of deceleration in paid-unit growth
compounded by weaker than expected 2Q guidance.”