Amazon Analysts Boost Their Forecasts After Upbeat Q2 Results

Amazon.com, Inc. AMZN reported upbeat results for its second quarter and issued strong guidance.

Amazon said second-quarter revenue increased 11% year-over-year to $134.4 billion, which beat the consensus estimate of $131.54 billion,. The multifaceted company reported quarterly earnings of 65 cents per share, which beat analyst estimates of 34 cents per share.

Amazon expects third-quarter revenue to be between $138 billion and $143 billion versus estimates of $138.25 billion.

Amazon shares gained 9% to $140.53 in pre-market trading.

These analysts made changes to their price targets on Amazon following earnings announcement.

• Telsey Advisory Group raised the price target on Amazon from $145 to $160. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating.
• JP Morgan increased the price target on Amazon from $145 to $180. JP Morgan analyst Doug Anmuth maintained an Overweight rating.
• Rosenblatt boosted Amazon price target from $111 to $184. Rosenblatt analyst Barton Crockett upgraded the stock from Neutral to Buy.
• JMP Securities increased Amazon price target from $140 to $175. JMP Securities analyst Nicholas Jones maintained an Outperform rating.
• Morgan Stanley raised the price target from $150 to $175. Morgan Stanley analyst Brian Nowak maintained Amazon.com with an Overweight.
• Needham raised the price target from $150 to $160. Needham analyst Laura Martin maintained Amazon.com with a Buy.

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