UPDATE: Credit Suisse Raising Price Target On Amazon

Credit Suisse is out with a research report on Amazon.com AMZN and is raising its price target to $210 from $180, and it has a Neutral rating on shares after it reported earnings. In a note to clients, Credit Suisse writes, "AMZN reported strong 2Q11 revenues of $9.9b, up 51% y/y (+44% x-F/X), 5% above our $9.42b estimate. Like recent quarters, however, consolidated segment operating income (CSOI) margin decreased to 3.9% vs. 6.2%, below our 4.1% estimate. The good news is CSOI of $386m (-5% y/y) was in-line with forecast, due to the revenue upside." Shares of AMZN are up $10.90 in pre-market trading to $225.08.