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发帖数: 4704 | 1 Eric Sheridan, UBS:
Reiterates a Neutral rating and a $275 price target. Sheridan trimmed this
year’s estimates to $74.75 billion in revenue from $74.87 billion, while
raising his CSOI estimate to $1.73 billion from $1.56 billion. He models a
net loss of 30 cents per share this year, on a GAAP basis, in contrast to
most analysts’ profit projection. Similar to last quarter’s results, we
continue to see a trend of slight downward revision to revenue estimates and
an upward move on margins as causing a mixed story for Amazon’s stock in
the medium term. Offsetting our improved gross margin outlook is a slight
increase in our expectation of fulfillment costs for the year. The
combination of excess capacity (exiting the Q4 peak), a still growing
fulfillment center count, and new deliver initiatives are the drivers of
this change. Additionally, we would note that Amazon’s effective tax rate
should revert to more normalized levels throughout the remainder of 2013,
after benefiting from a one-time benefit in Q1 (Federal R&D tax credit). |
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