Shares of Amazon (NASDAQ:AMZN) jumped on Monday, rising as much as 6.1%. As of 12:41 p.m. EDT today, the stock was up 5.6%.
The gain was fueled by several analysts' decisions to boost their 12-month price targets for the stock ahead of the company's second-quarter earnings report this month.
MKM Partners analyst Rohit Kulkarni reiterated his buy rating for Amazon stock and increased his price target from $2,525 to $3,350. The analyst recommends investors add to the stock on any pullbacks.
Jefferies analyst Brent Thill similarly kept a buy rating. But he set a price target of $3,800, up from a previous target of $3,100. He believes the company saw strong growth in Q2 and has continued to see robust top-line performance into July.
And Goldman Sachs analyst Heath Terry raised his price target from $3,000 to $3,800, keeping a "conviction buy" rating on the e-commerce giant. The higher price target for the stock reflects his improved outlook for both Amazon’s online retail and cloud-computing segments.
Investors will get a better idea of whether these analysts' bullish outlook for Amazon's business is on par with reality when the company reports its second-quarter results. The e-commerce specialist is scheduled to release its latest quarterly report after market close on July 30.