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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. (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.

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)

Latest Ratings for AMZN

Date Firm Action From To
Apr 2021 Needham Maintains Buy
Apr 2021 Stifel Maintains Buy
Apr 2021 Jefferies Maintains Buy

View More Analyst Ratings for AMZN

View the Latest Analyst Ratings

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