Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Citigroup Downgrades Amazon.com


Citigroup downgrades Amazon.com (AMZN) to sell from hold and keeps its $40 target price.

Analyst Lanny Baker says Citigroup's 2004 E-Commerce Survey indicated traditional retailers growing their bases at four times the rate of "pure-play" Internet retailers. He says while healthy eCommerce activity benefits Amazon, other retailers have noticed the same trend and believes the heat of competition is rising.

Baker expects Amazon's North American sales growth, estimated at +15% to 18%, to lag overall eCommerce market's by more than 500 basis points in the fourth quarter. He believes all good news is fully priced into Amazon, and near term news flow for the company is likely to be weaker than underlying eCommerce activity.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus