Amazon.com "buy," target price raised

26.11.07 - Stifel Nicolaus

NEW YORK, November 26 (newratings.com) - Analyst Scott Devitt of Stifel Nicolaus & Company maintains his "buy" rating on Amazon.com Inc (AMZN). The 12-month target price has been raised from $91 to $94.

In a research note published this morning, the analyst mentions that the company has recently launched its e-book reading device, Amazon Kindle, which has the potential to become a must-have product for heavy readers as well as frequent travelers. The Amazon Kindle product is likely to improve, its addressable market is expected to expand and its price point likely to reduce going forward, the analyst says. The market for this product is valued at $1 billion, Stifel Nicolaus & Company adds.