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Msg  76 of 138  at  7/10/2020 9:30:54 AM  by


From Citi...., Inc. (AMZN) — Maintain Buy; Raise Target Price to

North America | Internet & Direct Marketing Retail, Internet | Buy

We maintain our Buy rating, and increase our TP to $3,550. We are rolling
forward our valuation framework to 2022, and arrive at our TP by applying a 25x
multiple to our 2022E EBITDA estimate. Based on eMarketer forecasts, 2022
total US retail sales are expected to be only 1% above 2019 levels. However,
ecommerce is expected to increased 43%, while traditional retail is expected to
decline 4%. Within the US, ecommerce accounted for 11.0% of 2019 retail sales
and is expected to grow to 15.5% by 2022. While Amazon announced a
suspension of its Amazon Shipping service in the US, the company continues to
test the service in the UK. We suspect Amazon will resume the service in the US
once it is able to adjust to meet the increased post-COVID demand. We expect
Amazon’s share will take several years to ramp. Nonetheless, it is a powerful,
long-term tailwind.
Jason B Bazinet

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Msg # Subject Author Recs Date Posted
77 Re: ed81 0 7/11/2020 7:20:29 AM
78 Re: billmax 1 7/11/2020 9:07:04 AM

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