'The global leader in cloud computing:' Here's what Wall Street is saying about Amazon's impressive quarter (AMZN)

Jeff Bezos

Amazon's fourth-quarter earnings report topped analyst expectations as its web services business continued to explode. Shares soared 6% on the news, and are trading north of $1,450 Friday.

The ecommerce behemoth posted earnings of $3.75 share, beating the expected $1.83 by a wide margin. Revenue of $60.5 billion topped the $59.85 billion that Wall Street was anticipating. Amazon Web Services posted sales of $5.1 billion, up 44.6% year-over-year.

Amazon's impressive report has Wall Street analysts excited. They see AWS as a key driver of the company's future growth while there seems to be minimal concern about the tech giant's advertising and ecommerce businesses.

Here's what the analysts on Wall Street are saying:

Morgan Stanley: BULLISH

Rating: Overweight

Price Target: $1,500

Comment: "We see AMZN's ability to invest and execute in new categories (expanding the TAM as they have been), leading to faster and more sustained gross profit growth."

UBS: BULLISH

Rating: Buy

Price Target: $1,620

Comment: "We continue to reiterate our stance that Amazon is a core holding to gain exposure to secular growth trends in eCommerce (driven by geographic expansion & category expansion), cloud computing media consumption, digital advertising & AI voice assistants."

Davidson: BULLISH

Rating: Buy

Price Target: $1,800

Comment: "Considering the outperformance in AWS and third-party unit sales, which we believe represent two of highest margin businesses, we were not surprised by the better-than-expected adj. EBITDA and EPS. Amazon faces significant succession risk. AWS accounts for a majority of its revenue growth and profits, and is facing increasing competitive pressure from Google and Microsoft."

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