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27

Wall Street Cranks Up Its Outlook for Amazon After It Delivers Blowout Earnings Report

By Tony Seruga

After the market closed yesterday, Amazon.com Inc. reported a surprise second-quarter profit, with sales that blew past analyst estimates. The street had been projecting a loss of 14 cents a share. Amazon reported a profit of 19 cents instead.

Shares soared as much as 19 percent in after-hours trading, and Wall Street has upped its targets for the company. As of last week Friday, analysts surveyed byBLOOMBERGhad an average price target of $480 with 32 analysts rating the firm a buy, 16 hold and 1 sell. As of early this morning in New York, the price target has risen to $560 and there are 37 buy ratings, 10 holds and 1 sell. Amazon closed yesterday at $482.18…

Wall Street Cranks Up Its Outlook for Amazon After It Delivers Blowout Earnings Report

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