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

AMZN 244.25

-2.0%

Nov 12 3:59 PM EST

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To: MoonBrother who wrote (33989)	1/10/1999 9:43:00 AM
From: MoonBrother	Read Replies (1) of 164684

This last one is from that infamous ML analyst Mr. Cohen. Instead of being right on AMZN, he has become a joke for Amzn lovers. His now $17 target has proved how stupid even an ML analyst could become. But even with his attitude toward AMZN, he had to concede that he would have to revise his rev. target upwards. ----------------------------------- 09:18am EST 5-Jan-99 Merrill Lynch (Investor Support) AMCALL AMZN SUMMARY RESEARCH SUMMARIES:Morning Notes Summary; Part III ML++ML++ML Merrill Lynch Global Securities Research ML++ML++ML RESEARCH SUMMARIES Morning Notes Summary; Part III Investor Support 5 January 1999 Amazon.Com (AMZN; $321 1/4; D-4-3-9) Dec98E d$1.64 99E d$1.78 Market Cap$16,062.5mm o This morning AMZN pre-announced 98 4Q revenues of $250mil, substantially greater than consensus expectations of $125mil. o In addition, the company announced there would be no diminishment in its loss rate. The press release cites lower margins associated with the company's music and video business and makes it clear to us that this segment of AMZN's business is not a revenue base from which it can generate profitability. o Our 98 revenue forecast of $534mil is likely to be increased by roughly $75mil. o The consensus and our revenue run rate projection of $92.5mil will likely have to be revised upward as the company is entering 99 with a revenue run rate of approximately $1bil/year. o We think the key issue this morning will be what will happen to the company's loss expectations. o We are uncertain as to how the market may interpret this news as we believe there may be concerns regarding the company's inability to generate profitability, even at a $1bil revenue run rate. (Jonathan Cohen)

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