Despite the fact that its stock has exploded as much as 36 percent, Citigroup’s Mark Mahaney downgraded his rating of the company, noting widespread evidence of an overall consumer spending decrease. Mahaney loves the Kindle, and believes it’s at least partially responsible for the surge, but cautions that it won’t immediately affect Amazon’s financial results.
There was a certain irony Monday when Citigroup analyst Mark Mahaney jacked up his sales forecast for the Kindle, the electronic book reader developed by Amazon.com Inc.
Ironic because in Silicon Valley–the capital of early-technology adopters and the bleeding-edge users of all things geek–actual sightings of the device are quite rare.
Amazon.com (AMZN) shares are sharply higher today, aided by a bullish note this morning from Citigroup’s Mark Mahaney focused on the company’s Kindle e-book reader.
Mahaney today doubled his 2008 unit estimate on Kindle sales to 380,000 from 190,000. He notes that 380,000 is exactly how many iPods Apple (AAPL) sold in the first year.
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