Barclays Upgrades AMZN, NILE; Downgrades IACI

Barclays Capital Internet analyst Douglas Anmuth raised his ratings this morning on both Amazon.com (AMZN) and Blue Nile (NILE), while downgrading IAC/Interactive (IACI). The moves were part of a broader call in which he raised his sector rating on the Internet sector to Positive from Neutral. “We believe the Internet sector’s underlying fundamentals continue to strengthen despite the clear near-term effects to the macro environment, and to a lesser extent foreign exchange,” he writes. “While we can’t judge the duration of the current macro weakness, we think it’s time for investors to focus on quality - specifically, those sectors and companies that are positioned to come out stronger as the environment improves. We think the Internet group broadly and certain leading Internet names fit this criteria.” Here are some tidbits from his notes on the individual stock moves: Amazon.com : Rating goes to Overweight from Equal Weight; target to $54, ... (link)