Glen, I don't have a margin account with DLJ, never believed in it.
I have ample cash balances but they won't sell me any short shares.
Now we know that Jamie and DLJ are Amzn's N02 Elephant.
If they're afraid of risk, who's risk are they afraid of?
I don't think they are afraid of risk when they put the following out!
<AMAZON.COM (AMZN: $93.25)# 10/08/98 Consolidation in Online Retailing Earnings Per Share Old New P/E Ratios (FY:Dec.) 1999E$(1.37)$NA 1998E (1.60) NA 1997A(0.49) NA<Picture>Rating: BUY Change: None 12-Mo. Target: $175 <Picture>We believe that AMZN is one of the great Internet investment stories over the next five years. That the Internet has become a viable retailing medium is largely due to Amazon's success at creating a "total value" commerce experience for consumers. This skill set, composed of branding, content development, backend technology, and fulfillment, separates it from every other Internet retailers; when combined with 3.14 million happily transacting customers, Amazon has a massive competitive barrier, not only in its native book market ($82 billion), but in any additional vertical category it chooses to enter. Unfortunately, AMZN is not likely to ever be a value play, even if it sells off on profit-taking and valuation confusion in the near term. Make no mistake, though: we believe the long-term trend for AMZN will be relentlessly positive. >
I wouldn't trust them on this!! |
