By Businessweek.com and Bloomberg News StaffAmazon.com: Janney Montgomery Scott equity analyst Shawn Milne maintained a buy rating and $175 fair value estimate on shares of Amazon.com (AMZN) on July 20.
On July 19, Amazon.com, the largest Internet retailer, said growth in sales of its Kindle digital reader accelerated every month in the second quarter and that it is selling more electronic books than hardcover versions.
The rate of Kindle sales also has tripled since the company cut the device's price to $189, from $259, Amazon.com Chief Executive Officer Jeff Bezos said in a statement.
"We've reached a tipping point with the new price of Kindle," Bezos said. "Amazon.com customers now purchase more Kindle books than hardcover books—astonishing when you consider that we've been selling hardcover books for 15 years, and Kindle books for 33 months." (more)
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