Amazon Trading Down Following Price Target Downgrades Citigroup analysts maintained their Neutral rating on Amazon, but lowered the price target to $325, down from $358. CRT Capital analysts maintained a Fairly Valued rating, lowering the price target to $325, down from $358. Benchmark analysts maintained a Buy rating, lowering the price target to $350, down from $460. Credit Suisse analysts maintained an Outperform rating, lowering the price target to $395, down from $422. Amazon shares hit fresh 52-week lows on Friday, and are still down 8.34%. U.S. markets posted solid gains on Friday, with the S&P 500 recording its largest weekly gain of 2014. The market received a boost from better than anticipated housing data and positive quarterly results coming from companies such as Microsoft Corp. The S&P 500 is up 0.71% early, after increasing by 4.1% last week. The index managed to break a four-week losing streak. The Dow Jones Industrial Average is up 0.76% after posting a 2.6% gain last week. The Nasdaq Composite is up 0.69% after climbing by 5.3% last week. This week investors will be analyzing several important earnings reports including Facebook, Twitter, Starbucks and Exxon Mobil. Analysts are expecting Facebook to report Q3 earnings per-share of $0.40 with revenue totaling $3.11 billion, in comparison to last year’s earnings per-share of $0.25 on revenue totaling $2.02 billion. On October 15th, Deutsche Bank issued a Buy rating on Facebook along with a $90.00 price target. Analysts are expecting Twitter to report Q3 earnings per-share of $0.01 on revenue totaling $351.32 million. On October 9th, Wedbush issued a Neutral rating on Twitter, along with a $50.00 price target, stating that that Twitter’s advertising structure is likely to require some revamping. Analysts are expecting Starbucks to report Q3 earnings per-share of $0.74, compared to $0.60 per-share for the same period last year. On October 18th, S&P Capital IQ issued a Buy rating for Starbucks, along with a $93.00 price target. Strong fundamentals were cited as the reason for the rating and target price. Analysts are expecting Exxon Mobil to report Q3 earnings per-share of $1.75, in comparison to $1.79 for the same period last year. On October 15th, Credit Suisse issued a Neutral rating for Exxon, along with a $105.00 price target, stating that the company should be able to withstand oil’s recent decrease in price. This week’s economic calendar is loaded with data, including several major releases including United States GDP, Japanese manufacturing data, and Chinese manufacturing data. The figures will provide investors with a clearer picture of the overall health of the global economy, particularly in Asia where indicators have been quite mixed. Monday Earnings Releases: Twitter Economic Releases: Hong Kong’s trade balance, US services PMI and pending home sales, Japanese retail sales Tuesday Earnings Releases: Facebook, Pfizer Economic Releases Expected: US Durable goods orders, redbook, and consumer confidence, Japanese industrial production Wednesday Earnings Releases: Visa Economic Releases: French consumer confidence, Spanish retail sales, British mortgage approvals and consumer credit, US oil inventory data, FOMC meeting Thursday Earnings Releases: Mastercard Incorporated Economic Releases: Spanish GDP, Germany’s unemployment rate, eurozone consumer confidence and industrial sentiment, US GDP, German CPI, Japanese CPI and unemployment rate Friday Earnings Releases: No notable releases expected Economic Releases: Japanese housing starts, German retail sales, French PPI, Spanish current account, eurozone CPI and unemployment rate, Italian CPI and PPI, Canadian GDP, US consumer sentiment, Chinese manufacturing PMI
Posted on: Mon, 27 Oct 2014 14:06:37 +0000