NEW YORK ( TheStreet) -- Amazon (AMZN - Get Report) has gotten its newest vote of confidence from analysts after the retail giant and maker of Kindle tablet devices missed third quarter earnings in October.
On Monday, Evercore Partners analyst Ken Sena added Amazon to the boutique investment bank's "Conviction Buy List" on expectations that profit margins are headed higher. In particular, Sena highlights the company's higher margin Amazon Web Service as being able to take online retail market share and grow in importance to overall earnings, in coming years.
While recent earnings show Amazon's profit margins remain at razor-thin levels and its profitability has evaporated, the analyst upgrade signals it doesn't take much for the company to change Wall Street expectations.
In fact, optimism on Amazon hinges on a tweak to assumed long-term growth rates of some of the company's businesses and not upcoming quarterly earnings - giving chief executive Jeff Bezos yet more time to prove skeptics wrong."Given
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