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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 223.55

-4.0%

12:21 PM EST

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To: Glenn D. Rudolph who wrote (118736)	2/27/2001 11:34:07 AM
From: H James Morris	Read Replies (3) of 164684

Glenn, this is what Kiggen thinks. >AMAZON.COM (AMZN: $30) 2/12/01 Our Forecast of Amazon's 2001 Cash Flow Annual EPS Prev. EPS 12/01E ($0.87) 12/00E ($1.19) 12/99A ($1.19) Rating: BUY Change: 12-Mo. Target: $30 We believe Amazon's current cash balance of $1.1 billion will prove more than adequate for 2001. More negative scenarios assume a highly unlikely set of financial circumstances as the year unfolds. Amazon should finish the first quarter of 2001 with roughly $650 million in cash and cash equivalents. We look for Amazon's cash balance to be above $730 million by the end of 2001. We forecast moderate increases in inventory and current liabilities during 2001. Amazon's demonstrated commitment to efficient management of its inventory leads us to forecast an increase from $175 to $220 million on the inventory balance line at the end of 2001. We discount the probability of a credit squeeze from suppliers during 2001. Negative working capital is unlikely to trigger a credit squeeze without a series of other financial problems happening simultaneously.

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