Amazon 'decouples' from FANG blowup. Every major Wall Street analyst on the internet giant's earnings report

Amazon shares rallied after the e-commerce giant reported a second-quarter profit that doubled Wall Street's expectations.

Amazon's stock jumped more than 4 percent in premarket trading Friday.

"Amazon continues to perform at a level well-above its mega cap internet peers," Barclays said in a note.

"In a critical time, Amazon's stellar sales and burgeoning margin expansion helped decouple it from its FANG peers," said Nomura Instinet.

Here's a wrap of all the major analyst opinions.

J.P. Morgan (Overweight):

"Overall, Amazon remains one of our top picks and is on our Analyst Focus List. Amazon has now shown significant profit upside two quarters in a row, and while revenue and unit growth were modestly below expectations, 26 percent year over year FXN growth ex-Whole Foods Market is still strong, and only a 50 basis points of sequential deceleration off a large base. Importantly, we believe any revenue softness will be overshadowed by the profit upside. We reiterate our Overweight rating & are establishing a 2019 price target of $2,200 based on our SOP analysis."

Barclays (Overweight):

"Amazon continues to perform at a level well-above its mega cap internet peers, with revenue and operating income that was in-line and 68 percent above consensus respectively. Amazon Web Services revenue accelerated once again for the third quarter in a row. Operating income growth of 79 percent was the stand-out once again, and retail margins are also expanding at the highest rate in recent years. Valuation and sentiment continue to push the upper limits, but we believe the execution is justifying further upside for shares, as our operating income increases another 20 percent or more in the out year on this result. Amazon remains one of our favorite ideas in mega cap."

Bank of America (Buy):

"No change to our thesis view that strong growth of Amazon's higher-margin businesses (cloud, advertising, 3P) will be the key sentiment drivers for 2018 and can continue to drive profitability upside. We view Amazon as having the least amount of long-term disruption risk in the FANG (Facebook, Amazon, Netflix and Google) group. We reiterate our Buy rating and raise our PO to $2,200 from $1,840 based on higher estimates and multiples in our sum of the parts analysis."

Credit Suisse (Outperform):

"As we have called out previously, Amazon has entered a relative harvest cycle, and second-quarter results showed incremental margin expansion – year over year and sequential - for North America, International, and Amazon Web Services reporting segments. As expected, Amazon Web Services also reported accelerating FX-neutral revenue growth as it lapped price cuts from last year. Hence despite the modest shortfall versus our revenue estimates, operating income at $3 billion was significantly ahead of guidance, consensus, and our estimate."

Goldman Sachs (Buy):

"Amazon reported second-quarter profitability well above consensus forecasts, with operating income margin expanding 400 basis points year over year driven by Amazon Web Services, advertising, and fulfillment efficiencies, as FX-neutral revenue growth decelerated to 37 percent year over year on a 200-basis-point tougher comp. Guidance for third-quarter operating income was also meaningfully above consensus forecasts, with management expecting about 260 basis points of year-over-year margin expansion at the midpoint. Amazon Web Services and North America segments drove the outperformance in the quarter with Amazon Web Services revenue growth accelerating to 49 percent year over year ex-FX even as margins expanded about 460 basis points year over year. We continue to believe that we are in the sweet spot between Amazon investment cycles where new fulfillment/data centers are driving accelerating growth while incremental capacity utilization and efficiency is driving margin expansion."

Deutsche Bank (Buy):

"Second-quarter results beat our expectations almost across the board, with torrid growth in advertising, acceleration in Amazon Web Services to 49 percent year-over-year growth, significantly improving margins across North America and international retail businesses and new highs in Amazon Web Services operating margins, driven by operating efficiencies at Amazon Web Services, international retail, domestic fulfillment center spend, and higher Advertising revenue which comes in at high incremental margins. Third-quarter revenue guide of $54 billion to $57.5 billion is modestly below the Street at $58.1 billion, but operating income outlook of $1.4 billion to $2.4 billion is significantly better than the $1.2 billion consensus estimate. Amazon remains our top pick among the large cap Internet names, with a large and growing total addressable market, an improving product and user experience, rapid growth in its highest margin businesses, and a relentless focus on execution and ongoing efficiency improvements."

Citigroup (Buy):

"There were several things to like about Amazon's second-quarter report, including: 1) GAAP operating income of $2.9 billion materially topped guidance of $1.1 billion to $1.9 billion and expectations; 2) total operating margin of 5.6 percent was the highest on record, expanded 400 basis points year over year, and improved at all three segments, 3) gross profit increased 53 percent year over year and beat forecasts by 3 percent to 4 percent; 4) Amazon Web Services revenue growth accelerated for the third consecutive quarter, 5) Advertising revenue of $2.2 billion grew more than 60 percent year over year pro forma; 6) the high-end of management's third-quarter revenue guidance of $57.5 billion is 1 percent below consensus due to FX, though the high-end of third-quarter operating income guidance of $2.4 billion is well above $1.25 billion expectation. All in, we view the second-quarter results and third-quarter outlook as highly supportive of our bullish long-term thesis on Amazon."

Nomura Instinet (Buy):

"In a critical time, Amazon's stellar sales and burgeoning margin expansion helped decouple it from its FANG peers. We continue to believe the composition of Amazon's sales growth signals its future margin trajectory, putting it on a march to increasing profitability, with the second quarter of 2018 representing the company's largest margin expansion in about two years. As such, we wonder whether Amazon has actually reached a size that makes it difficult to 'outspend' sales growth, suggesting that, looking ahead, leverage could come from GM and SG&A. We reiterate our Buy rating and raise our target price to $1,990, driven off a sum of the parts analysis."

Raymond James (Outperform):

"We maintain our positive view on shares of Amazon and increase our price target to $2,000. Amazon delivered another strong top line quarter with strength across North America, International, and Amazon Web Services. Amazon also demonstrated strong operating leverage in the quarter, driven by strength in higher margin areas and fixed cost leverage. We maintain our outperform rating given: 1) continued eCommerce share gains; 2) continued momentum and leadership in cloud; 3) increasing advertising traction; and 4) improving operating margins driven by Amazon Web Services, advertising, and core retail scale efficiencies."

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