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Non-Tech : Equity Research Analyst Reviews
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To: Time Traveler who wrote (5)9/21/1997 5:31:00 AM
From: Robert H.   of 44
 
True story; //Briefing.com 9/20/97

AMAZON.COM (AMZN) 45 5/16 +5 13/16. A Mary Meeker call on the online-book retailer is making the analyst look pretty good today. But once the stir that Momentum Mary created by making a recommendation on the stock at such lofty levels starts to fade, what will be in store for the true (i.e long-term) investors in this stock?

This morning, the Morgan Stanley Dean Witter analyst gave the nod to AMZN by starting coverage of the stock with an "outperform," though admitting that she believed the stock was probably ahead of itself in the near-term. Well, Mary, if that's the case, and the stock will either correct in the near-term to proper valuation levels or will roll onto its side until fundamentals catch up with the price (which could take years), why are you putting your clients into it? Calls like these make you really hurt for the men and women who depend on their brokers for guidance. Even if AMZN doesn't blow-up (although there is a good chance it will), it just hurts to imagine that Morgan brokers all over the country were calling their retail clients and pumping this potential catastrophe. The brokers were probably regurgitating word-for-word Ms. Meeker's comments: e.g. company worth a long-term bet... one of a handful of companies poised to benefit...we don't want to miss this one... One thing you can
bet on, these men and women weren't hearing the following comments, which were taken from an Amazon.com SEC filing: company expects to report "substantial operating losses for the foreseeable future...the rate at which such losses will be incurred will increase
substantially."
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