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Don't bet on into earnings: Deutsche

An worker picks orders at an Amazon fulfillment center in Tracy, California.
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Traders shouldn't continue to bet on the surging shares of into the company's earnings report about a week from now, as a great quarter is already priced in, according to Deutsche Bank.

They'll get a chance to buy the stock at a cheaper price after the report, the firm said. "We think 2Q should be solid on both the top and bottom-lines, but expect 3Q guidance to reflect incremental investments related to logistics, international and content. After the strong outperformance recently, we think shares may be range-bound on 2Q results, but we remain bullish on the long-term opportunity and recommend adding to position on any weakness," said Deutsche Bank's Ross Sandler in a Wednesday note to clients.

Amazon shares have surged more than 20 percent the last three months as its online marketplace continues to grab market share from brick-and-mortar retailers. The analyst has a 12-month target price of $900, representing 20 percent upside from Tuesday's close. The Seattle-based firm reports second-quarter results on July 21.