Benchmark Comments on Amazon's Q4 10 Earnings (AMZN)

Benchmark is out with its report on Amazon AMZN, commenting on AMZN's Q4 earnings. In its note to clients, Benchmark writes, "Amazon reported weaker-than-expected 4Q10 results. Net revenue of $13 billion matched consensus, but shrinking margins caused EBITDA growth of just 11% y/y and flat y/y growth in operating income at $474 million, below consensus of $544 million. A lower-than-expected tax rate helped drive EPS of $0.91, $0.03 ahead of consensus. Now that the economy has recovered the Company has reinvested in operations which hindered margins in 2010 but could allow its cash flow growth rate to spring back in 2011." Benchmark maintains Buy and a $210 PT on AMZN. At last check, shares of AMZN were trading at $171.34, down 7.11% from yesterday's close.