A Forbes magazine report notes that Merrill Lynch has evaluated stock in Amazon.com as “reasonably valued” at current prices, but that “the absence of near-term margin growth and decelerating 2005 free cash flow growth will limit near-term stock appreciation, in our view.” The research firm did note that “Amazon’s 44 million users represent just 5% of the total worldwide online population,” so there is room for optimism. But meanwhile, the Merrill also noted that “”Amazon is set to benefit from strong secular trends in e-commerce” but at the moment “the online commerce category remains under-penetrated.”