Enviado: 4/1/2005 14:10Amazon downgraded on concerns over competition (AMZN)
By Tomi Kilgore
NEW YORK (CBS.MW) -- Amazon (AMZN) was downgraded to "sell" from "hold" by Smith Barney due to concerns over increasing competition. Analyst Lanny Baker believes Amazon will have to spend more on marketing and technology to protect its early lead in the Internet retailing market. "Despite the vigor of e-commerce, we believe that increasing competition will limit Amazon's margin expansion possibilities, and near-term profit figures may not support a share price that has climbed 27 percent in just over two months," Baker said in a note to clients. The stock closed Monday up 23 cents at $44.52
By Tomi Kilgore
NEW YORK (CBS.MW) -- Amazon (AMZN) was downgraded to "sell" from "hold" by Smith Barney due to concerns over increasing competition. Analyst Lanny Baker believes Amazon will have to spend more on marketing and technology to protect its early lead in the Internet retailing market. "Despite the vigor of e-commerce, we believe that increasing competition will limit Amazon's margin expansion possibilities, and near-term profit figures may not support a share price that has climbed 27 percent in just over two months," Baker said in a note to clients. The stock closed Monday up 23 cents at $44.52