Amazon Faces Several Price Target Increases After Upbeat Q2 Earnings, But This Analyst Cuts PT

Amazon.com, Inc. AMZN reported better-than-expected results for its second quarter. The company said it expects-third quarter net sales to be in a range of $125 billion to $130 billion, up 13% to 17% year-over-year.

Amazon shares jumped 10.2% to $134.71 in pre-market trading.

Several analysts made changes to their price targets on Amazon following the release of results.

Below are the analysts raising price target on Amazon.

• Telsey Advisory Group raised price target on the stock from $145 to $150. However, Telsey Advisory Group analyst Joseph Feldman maintained Amazon.com with an Outperform.
• Piper Sandler increased Amazon.com price target from $170 to $175. However, Piper Sandler analyst Thomas Champion maintained an Overweight rating on the stock.
• Wolfe Research increased the price target on the stock from $140 to $170. However, Wolfe Research analyst Deepak Mathivanan maintained an Outperform rating on the stock.
• JMP Securities raised the price target from $172.5 to $180. However, JMP Securities analyst Nicholas Jones maintained a Market Outperform rating on the stock.
• Barclays boosted Amazon.com price target from $195 to $200. However, Barclays analyst Ross Sandler maintained the stock with an Overweight.
• JP Morgan raised price target on Amazon.com from $175 to $185. However, JP Morgan analyst Doug Anmuth maintained an Overweight rating on the stock.
• Stifel increased Amazon.com’s price target from $185 to $200. However, Stifel analyst Scott Devitt maintained the stock with a Buy.
• Rosenblatt raised the price target on the stock from $107 to $118. However, Rosenblatt analyst Barton Crockett maintained Amazon.com with a Neutral.

However, below is the analyst cutting price target on Amazon.com.

• Raymond James reduced price target on Amazon.com from $165 to $164. However, Raymond James analyst Aaron Kessler maintained an Outperform rating on the stock.