13th to 15th
This is going to be an odd earnings quarter for
There is growing confidence on the Street that strength in both the core e-commerce segment and the Amazon Web Services cloud business will propel strong growth.
E-commerce is having a breakout moment during the Covid-19 pandemic, and Amazon is a prime beneficiary, so a big beat on the top line would hardly be shocking.
Amazon said operating income could be around break-even, give or take $1.5 billion.
Mahaney keeps his Outperform rating and $3,300 price target.
In an earnings preview note, Monness Crespi Hardt's Brian White repeats his Buy rating and $3,500 price target on the stock.
"In this new reality, we believe Amazon holds the key capabilities, vast global infrastructure and financial strength necessary to support the needs of people and organizations around the world, while also positioning Amazon as a major beneficiary of accelerated digital transformation in the aftermath of this pandemic."
The Street's consensus is for Amazon to report earnings of $2.09 a share.
Thomas Samson/AFP via Getty Images
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