Amazon.com Still Overweight Despite Continued Sales Decline

Amazon.com, Inc. AMZN is reporting an 8% y/y decline in the first month of the quarter in industry video game software sales growth for September, according to PiperJaffray. PiperJaffray is modeling Amazon's N.A. media segment sales growth to decline to +10% y/y from +15% y/y growth in the June quarter, while the 8% decline in July is better than the 12% decline in June for video game sales. PiperJaffray maintains its "overweight" rating and $144 price target. Amazon.com, Inc. closed yesterday at $126.56.