UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Amazon.com

In a report published Monday, Piper Jaffray reiterated its Overweight rating on Amazon.com AMZN, and raised its price target from $297.00 to $329.00. Piper Jaffray noted, “We believe Amazon will report Dec-12 revenue (1/29/13 after close) in line with Street expectations (PJC: $21.7B, Street: $22.3B), based upon ChannelAdvisor, and historical guidance beats. Meanwhile, we expect EPS of $0.10, which is below the Street's $0.28, but ahead of the $(0.16) we believe implied by guidance. Meanwhile, historical trends (last 5 Mar guides) suggest Mar guidance could be 3-6% below the Street's $16.9B; however, Amazon has guided below Street expectations by an average of 4% over the last 5 quarters. We reiterate our Overweight rating on shares of AMZN and raise our price target to $329 given the company's roadmap to dominate global eCommerce over the next decade.” Amazon.com closed on Friday at $283.99.