New Price Target For Amazon.com

Amazon.com, Inc. AMZN is expecting to report at 20% decline in sales for this quarter (from +46% y/y to 37% in September for US sales) while eCommerce sales are expected to remain growing in the teens for the remainder of 2010, Piper Jaffray reports. Piper Jaffray has raised the price target for AMZN to $166 (from $144) based on a 35x 2011E PF EPS of $4.57. Piper Jaffray maintains its Overweight rating for Amazon.com, Inc., which closed yesterday at $145.07.