Henry Blodget may cut his 2001 revenue estimate for
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.
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