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USB Piper Keeps 'Outperform' on Amazon

USB Piper reiterated its outperform rating on (AMZN).

Analyst Safa Rashtchy says checks indicate Amazon had a very strong April and is on track for solid upside in the second quarter. Despite increased costs due to free shipping, he believes the company will continue to show improved fulfillment and gross margins -- helped by high-margin used sales, and better inventory and shipping operations. Rashtchy thinks Amazon will expand its marketplace operations to offer items not currently offered, creating a general merchandising environment. Amazon appears poised to continue its impressive gains of the past two quarters. Rashtchy sees breakeven 2002 net income, and $0.13 20 03 earnings per share. He also has a $17 price target.

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