Jeff Bezos is a one of a kind CEO and Wall Street loves giving him the benefit of the doubt for his Amazon growth strategy.
Almost every major Wall Street analyst defended their bullish calls Friday morning even as the internet giant's shares fell after it posted weaker-than-expected earnings. The profit miss was the worst in Amazon's history since at least 2001, according to Bespoke Investment Group.
Amazon stock was down 3 percent midmorning Friday.
"We continue to believe that we are in the early stages of the shift of compute to the cloud and the transition of traditional retail online and that the market is underestimating the long-term financial impact of both to Amazon," Goldman Sachs analyst Heath Terry wrote in a note to clients Thursday. "As Amazon continues to generate high cash returns on cash invested despite the growing scale of its investments … we believe growth acceleration like that we saw in 2Q is likely to continue."
Amazon has been one of the best-performing large-cap stocks in the market. Its shares rallied 39.5 percent year to date through Thursday versus the S&P 500's 10.6 percent return.
Terry maintained his buy rating and $1,275 price target for Amazon, representing 22 percent upside from Thursday's close.