"The chart has been in a beautiful uptrend going all the way back to 2010," said Gordon, founder of TradingAnalysis.com. "It's been bouncing around in this well-defined channel, and I think it could see a major breakout to $600 in the next 12 to 18 months." That's a 22 percent rally from the current stock price of roughly $488.
"We believe Amazon will continue to advance as a core holding," Andrew Burkly, head of institutional portfolio strategy at Oppenheimer said Thursday in a "Trading Nation" segment.
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"This is the best play on the secular trend toward e-commerce and cloud computing," added Burkly. "The acceleration on the cloud sine in Amazon's fast-growing web services division has given analysts greater confidence and clarity to raise forward EPS estimates this year."
Indeed, Wall Street is quite favorable of the retailer. As the most recent upgrade came Thursday from JMP Securities when the firm upgraded the stock to "market outperform" from "market perform" and gave it a $575 price target, citing strong growth potential.
Burkly did warn that with the recent performance and slew of analyst upgrades, the stock could be due for a slight a pause in the near-term. But nonetheless, it's an "ongoing buy."
Amazon reports earnings Thursday after the bell, and analysts polled by FactSet are expecting the company to post a loss of 15 cents per share, which is smaller than the 27 cents last year, on $22.4 billion in revenue.