Merrill Lynch

analyst

Henry Blodget may cut his 2001 revenue estimate for

Amazon.com

(AMZN) - Get Report

by as much as $500 million because of "lighter-than-expected demand."

According to a research statement released by the firm, Blodget, who has intermediate-term accumulate and long-term buy ratings on Amazon, expects the company to post 2001 revenue of $4 billion, but said that projection "looks aggressive by $500 million or so." Analysts are expecting the company to report revenue of $2.8 billion for 2000. Blodget's estimate for 2001 matches the 22-analyst consensus estimate on

First Call/Thomson Financial

.

Blodget indicated that he would "likely" reduce the top line estimate for 2001 by $300 million to $500 million.

Amazon suffered

a slew of downgrades Tuesday from analysts, who were reacting to the online retailer's fourth-quarter revenue

projection. Yesterday, Blodget came out with fairly positive comments on the company.

The stock rallied yesterday despite the cuts, and lately lost 25 cents, or 1.5%, to $16.06, after opening at $15.84 on the

Nasdaq

.