Analysts bumped up price targets on Amazon.com Inc (NASDAQ:AMZN) following fourth-quarter results.
Piper Sandler analyst Thomas Champion raised the price target to $3,900 from $3,875 (40.4% upside) and reiterated an Overweight rating.
The headline results were mixed with revenue 1% below Piper's forecast and EBITDA better. However, the analyst notes that Web Services growth accelerated to 40% year-over-year and was 3.4% above Piper's forecast.
Goldman Sachs analyst Eric Sheridan raised the price target to $4,200 from $4,100 (51.2% upside) and reiterated a Buy.
Amazon's earnings report produced a "solid set of results and addressed directly many of the key investor debates in the past few months."
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Raymond James analyst Aaron Kessler raised the price target to $3,950 from $3,840 (42.2% upside) and kept an Outperform.
Amazon reported another strong quarter of accelerating AWS growth and strong advertising growth. However, e-commerce growth remains slow on tough comps, and expense headwinds are expected to persist into the first quarter as well.
The analyst expects solid long-term e-commerce growth and sees "robust" advertising growth.
Amazon can now better focus on efficiency, said KeyBanc.
JPMorgan analyst Doug Anmuth raised the price target from $4,350 to $4,500 (62.1% upside) and maintained an Overweight rating.
UBS analyst Lloyd Walmsley raised the price target to $4,625 from $4,550 (66.6% upside) and kept a Buy.
AMZN Price Action: Shares traded higher by 11.8% at $3,103.20 in the premarket session on the last check Friday.
