Oppenheimer Reaffirms Their Buy Rating on Amazon (AMZN)

In a report released today, Jason Helfstein from Oppenheimer maintained a Buy rating on Amazon (AMZNResearch Report), with a price target of $2020. The company’s shares closed yesterday at $1656.22.

Helfstein observed:

“We are maintaining our $2,020 target and Outperform rating ahead of 4Q18 results. We believe AMZN exceeded its domestic gross profit estimates on strong macro holiday sales and continued share gains, supported by Adobe Insights and Similarweb. In particular, brick & mortar retailers suffered, as consumers shifted online shopping behavior to apps vs. browser/mobile-web. Meanwhile, AMZN’s gross profit growth vs. brick & mortar outperformance has been widening, driven by 3P and advertising. ASOS’ miss, investors should expect slower international growth at AMZN. AWS revenue and margin growth is expected to remain at similar levels on software adoption and capex efficiency.”

According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 14.2% and a 57.8% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and Spotify Technology SA.

Amazon has an analyst consensus of Strong Buy, with a price target consensus of $2135.15, representing a 28.9% upside. In a report issued on January 7, Pivotal Research also initiated coverage with a Buy rating on the stock with a $1920 price target.

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Based on Amazon’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $56.58 billion and net profit of $2.88 billion. In comparison, last year the company earned revenue of $60.45 billion and had a net profit of $1.86 billion.

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