Jefferies Maintains Buy on Amazon (AMZN)

Jefferies is out with its report today on Amazon AMZN, maintaining Buy and a $205 price target. In a note to clients, Jefferies writes, "Despite record revenues, 4Q came in ~$72M below consensus (the first time in at least several quarters). Revs. faced approximately $139M in tailwind from the weaker dollar during 4Q vs. 3Q and came in at $12.9B, up 37% on an FX-neutral basis) vs. consensus of $13.0B (and our $13.1B). The company reported a better than expected EPS of $0.91 vs. the Street's $0.88; however, this was buoyed approximately $0.10-$0.12 by a lower tax rate. While not cheap, AMZN is one of the best plays on the secular growth of global ecommerce. Our $205 PT is based on a five-year DCF." Shares of AMZN are trading pre-market at $172, down 6.75% from Thursday's close.