Benchmark Capital Raising Price Target On Amazon As E-Commerce Heats Up In July (AMZN)

Benchmark Capital is raising its price target on Amazon.com, Inc. AMZN to $148 from $135 as e-commerce shot up 9% in July. It rates shares of the online retailer at Buy. In the research note Benchmark Capital writes, "Despite recent moderation in traditional retail sales and uncertainty surrounding consumer spending in 2H10, Amazon (AMZN-Buy, PT from $135 to $148) should benefit from further strength in the online channel, with comScore reporting domestic July non-travel ecommerce sales up 9% y/y. comScore reported that July domestic non-travel spending grew by 9% y/y, a modest sequential acceleration from the 7% y/y growth experienced in June and 8% y/y growth experienced in May. Categories important to Amazon were impressive with Books & Magazines up 20% y/y and Consumer Electronics up 11% y/y, although Music, Movies & Videos fell 4% y/y." Amazon closed yesterday at $128.86, up $2.79.