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October 17, 2006

Amazon analysts getting grumpy

Posted by Kim Peterson at 12:50 PM

Only two of 22 analysts have a "buy" recommendation on Amazon.com, although the company's stock price is steadily climbing from the depths of August.

Analysts at ThinkEquity Partners piled on with a Monday report giving a "sell" recommendation on the online retailer and predicting a 10 percent share price drop. (Link here, second item.)

"Glitches, frustrations and outright goofiness remain all too common on Amazon's site ... and in its distribution," wrote Edward Weller and James Maher, analysts with the San Francisco-based firm, about Amazon's new video download service, called unbox.

The analysts went on to say they were "too trusting" of Amazon management.

"We are almost embarrassed to admit that we would have expected something substantial to emerge from the current 'investment' cycle," they wrote.

Not a good note for Amazon to be entering the holiday shopping season on.

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