Downgrade Alert for Amazon.com (AMZN)
Amazon.com (NASDAQ:AMZN) was downgraded from Buy to Outperform at CLSA today. The stock closed yesterday at $268.06 on volume of 5.6 million shares, above average daily volume of 3.0 million.
Over the past year, Amazon.com has traded in a range of $172.00 to $284.72 and closed yesterday at $260.35, 51% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.5%.
Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.
Amazon.com (NASDAQ:AMZN) has potential upside of 12.2% based on a current price of $260.35 and analysts' consensus price target of $292.15. The stock should discover initial support at its 50-day moving average (MA) of $255.58 and subsequent support at its 200-day MA of $236.43.
SmarTrend recommended that subscribers consider buying shares of Amazon.com on November 23rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $238.24. Since that recommendation, shares of Amazon.com have risen 9.3%. We continue to monitor AMZN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades Amazon.com