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Analyst Actions: Amazon.com, Informatica


From Standard & Poor's Equity ResearchSTIFEL RAISES TARGET FOR AMAZON.COM

Stifel analyst Scott Devitt says Amazon.com's (AMZN) fourth quarter was impressive and it gave strong guidance, particularly given the environment.

Devitt notes $6.7 billion revenue was up 24% on organic basis; operating margin was 5.4%, well ahead of expectations; the company ended the fourth quarter with $3.3 billion in net cash. He says AMZN's domestic revenue growth of 18% compares to domestic eCommerce of -3%. He notes, importantly, while many retailers are experiencing tighter payment terms, AMZN terms are improving.

He raises $1.36 2009 EPS estimate to $1.37. He also lifts $61 price target to $65, 19 times his $1.3 billion estimate of 2009 unlevered free cash flow. He reiterates a buy opinion on the stock.

ROTH CAPITAL CUTS INFORMATICA TO HOLD FROM BUY

Roth Capital analyst Nathan Schneiderman says Informatica (INFA) fourth quarter was mixed: $124 million revenue missed consensus by $3 million, but $0.24 pro forma EPS beat by $0.01. He notes operational metrics deteriorated sharply; big deals were disappointing, DSOs spiked, license backlog fell; medium-sized deals down sharply.

Schneiderman says metrics suggest INFA is far more exposed for the first quarter than last year, so not surprisingly, the company cut guidance sharply.

He cuts $0.85 2009 EPS estimate to $0.82 and $0.97 for 2010 to $0.90, reflecting lower estimates for revenue offset somewhat by higher operating margin. He lowers $16 target to $14.


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