Evercore Analyst Raises Amazon Price Target To $4,500: Here's Why

There will only be a few pull-forward winners from the COVID-19 pandemic and Amazon.com, Inc. AMZN will be one, Evercore ISI analyst Mark Mahaney said Friday on CNBC's "Squawk Box."

What Happened: Mahaney raised his price target on Amazon to $4,500 after the e-commerce giant reported financial results on Thursday.

Amazon reported earnings of $15.79 per share, beating the estimate of $9.54 per share, and $108.5 billion in revenue, beating the estimate of $104.46 billion. The company provided revenue guidance between $110 billion and $116 billion for the second quarter. 

People were expecting a strong quarter, but the real surprise was the second-quarter outlook, Mahaney said. 

Amazon is showing that it will maintain the same or better growth post-COVID-19 pandemic, he added. 

The company was aggressive in terms of its investments in 2020, which allows the company to experience a permanent pull-forward in demand, he told CNBC.

Related Link: Amazon Continues To Outpace Google, Facebook On Ad-Revenue Growth: What You Need To Know

Price Action: Amazon was up 1.80% at $3,553.86 at last check Friday morning. 

Video Link: Top Analyst On Why He Raised His Price Target On Amazon

(Photo courtesy of Amazon)