Amazon.com upgraded to "hold"

10.10.08 - BWS Financial

NEW YORK, October 10 (newratings.com) - Analyst Hamed Khorsand of BWS Financial upgrades Amazon.com Inc (AMZN) from "sell" to "hold." The target price has been reduced to $54.

In a research note published this morning, the analyst mentions that the upgrade in the rating is based on valuation. Amazon.com is witnessing fundamental risks amidst an economic slowdown in the US and elsewhere, the analyst says. The downward revision in the target price reflects the general decline in stock valuations in the market, BWS Financial adds.