The COVID-19 pandemic has caused a boom in demand for home deliveries, which has helped Amazon
AMZN,
+1.82%
triple its first-quarter profits.
The online retailer’s stock has risen 46% the past year and some analysts think it could still have further to go.
Michael Lasser, an analyst at Swiss bank UBS
UBS,
-1.03%,
has lifted his price target for Amazon to $4,350 from $4,150, writing: “With broad-based strength across e-commerce & AWS, Amazon’s Q1 ’21 earnings report demonstrates why it remains the industry leader.”
Read: Amazon’s pandemic profits top previous 3 years of earnings
Shyam Patil, an analyst from Susquehanna Financial Group, remains positive on Amazon.
“Business trends remain strong and should continue to do so throughout 2021,” he wrote. “Ultimately, we see AMZN as a long-term secular grower underpinned by its strong e-commerce, cloud, and advertising businesses.”
Read: Should you buy Amazon stock? Analysts prefer it over other Big Tech companies
In a note Citi said Amazon posted solid first quarter 2021 results with revenues and operating income above the Street and above the high-end of its guidance.
“The company’s second quarter revenue guide exceeds consensus estimates,” it wrote. “While its second quarter 2021 operating income guide was relatively in line with the Street.”
