Amazon.com, Inc. (NASDAQ:AMZN) shares are trading higher on Friday after the company reported strong second-quarter financial results and received several analysts' updates.
The Details:
Amazon reported $134.4 billion in second-quarter revenue, representing growth of 11% year-over-year and resulted in a net income of $6.7 billion, or 65 cents per share. Amazon also updated its guidance for third-quarter sales to a range of between $138 billion and $143 billion, implying growth of between 9% and 13%.
Many analysts updated their ratings and price targets for AMZN after the earnings release. Here's a look at some of the most notable analyst changes:
- Credit Suisse analyst Stephen Ju maintained Amazon.com with an Outperform and raised the price target from $176 to $189.
- Citigroup analyst Ronald Josey maintained Amazon.com with a Buy and raised the price target from $145 to $167.
- Bank of America Securities analyst Justin Post maintained Amazon.com with a Buy and raised the price target from $154 to $174.
- JP Morgan analyst Doug Anmuth maintained Amazon.com with an Overweight and raised the price target from $145 to $180.
- Rosenblatt analyst Barton Crockett upgraded Amazon.com from Neutral to Buy and raised the price target from $111 to $184.
- Morgan Stanley analyst Brian Nowak maintained Amazon.com with an Overweight and raised the price target from $150 to $175.
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AMZN Price Action: According to Benzinga Pro, Amazon shares are trading 10.9% higher at $143.00 at the time of publication.
Image: Courtesy of Amazon.com, Inc.
