In a report released Wednesday, Piper Jaffray analyst Gene Munster maintained an Overweight rating and $650 price target on shares of, Inc. (NASDAQ:AMZN), as Piper Jaffray’s proprietary Amazon search index indicated unit growth in Sep-15 of 22%-23% unit growth, which “would be positive relative to buyside expectations which antiquate a slight decline from Jun-15”, according to Munster.

Munster wrote, “Our early read on Sep-15 unit growth (a key metric for investors) is favorable. Quarter to date our Amazon search interest index indicates growth in the Sep-15 quarter of 22-23%, compared to 22% in Jun-15. This was driven in part from Amazon’s Prime Day event (which we believe in itself will contribute 2pts to unit growth during the quarter). Backing out Prime Day still shows consistent growth despite the headwind of larger numbers.”

Moreover, “We expect AWS to show continued strength and margin expansion driven by a lack of price cuts and continued positive press around the offering. Finally, we remain more optimistic than the Street on margin outlook, driving our EBITDA estimates 14% above the Street for Sep-15.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a total average return of 21.4% and a 61.6% success rate. Munster has a 30.5% average return when recommending AMZN, and is ranked #7 out of 3759 analysts.

As of this writing, 35 analysts are bullish on Amazon and 7 are neutral, according to TipRanks. The average 12-month price target on the stock is $584.83, marking a 11.5% potential upside from where the stock last closed.


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