There will only be a few pull-forward winners from the COVID-19 pandemic and Amazon.com, Inc. (NASDAQ: 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.
Price Action: Amazon was up 1.80% at $3,553.86 at last check Friday morning.
(Photo courtesy of Amazon)
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