Amazon.com Target Raised to $190 from $165 at Citigroup

Citigroup’s (C) top analyst Mark Mahaney raised this morning his target price for Amazon.com (AMZN) to $190 from $165 – 30X the co.’s  FY 2012 adjusted EPS of $6.49.

The firm’s analyst, who also reiterated his ‘Buy’ rating on the shares of the online retailer, told investors in a research note that “Despite a 14% [year-to-date] price increase, [Citi] still view[s] AMZN as one of the most attractive large cap Internet stocks and the best play off the secular growth in online retail.”

Mr. Mahaney also said he has become more bullish on Kindle sales. He now sees 2010 Kindle sales reaching 5 million.

So far, Amazon.com’s stock, whose market capitalization stands at $69.42 billion, is trading above its 50-day MA of $134.82 and above its 200-day of $129.23. The 52-week range of the stock is between $88.27 and $161.78. Shares of  AMZN closed at $153.71 in the previous trading session.

At last check, AMZN shares were up $1.44 to $155.15, a gain of 0.94%.

About Ron Haruni 1036 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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