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Brier Dudley's blog

Brier Dudley offers a critical look at technology and business issues affecting the Northwest.

April 25, 2007 at 1:48 PM

Blodget on Amazon.com: Still hoping for $400

Split adjusted, that is.

Henry Blodget probably helped make a lot of Amazonians in Seattle rich, if they sold after his upbeat forecast goosed the stock in the late 1990s.

Blodget bought himself Amazon.com stock at $50, as it headed down in 2000, and he’s just now breaking even.

From the fallen analyst’s blog today:

“Amazon hasn’t become the company I hoped it would back when I put that $400 target on it ($67 in today’s split) in December 1998. As you may recall, the stock blasted through the target in two weeks, soared to $600, and then, over the next 18 months, collapsed. Amazon’s still a great franchise, and I’m still a happy customer. I don’t own the stock because I expect it to soar. I own it because … well, for old times’ sake and because I’m going to own it until it breaks through $400 ($67) again or goes bust, whichever comes first. I don’t even follow the company that closely anymore (too depressing). But last night’s quarter, and today’s 25% pop, certainly come as a breath of fresh air.”

Comments | More in | Topics: Amazon.com

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