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Legg Mason Upgrades

Legg Mason upgrades online retailer AMZN to buy from hold.

Analyst Scott DeVitt says he thinks is the online marketplace for inline retail. He says he might be early with the recommendation, however, at current levels, he would advise long-term-oriented investors to acquire shares opportunistically.

He notes has missed "Street" expectations for four quarters consecutively, as shares have declined 13%, 12%, 15%, and 3%, respectively. He believes the trend of declines has relevance and issues behind the decline are being resolved.

DeVitt sees 67 cents 2005 earnings per share, and 87 cents 2006 earnings per share. He has a $42 target.

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