In a research report published Friday, Piper Jaffray analyst Gene Munster maintained an Overweight rating on, Inc. (NASDAQ:AMZN) with a price target of $475, ahead of the company’s first-quarter earnings which is scheduled for Thursday, April 23 after market close. With Amazon shares last trading at $377.82, Munster’s price target implies potential upside of about 25 percent.

Munster noted, “We remain positive on shares of AMZN into the Mar-15 earnings release (April 23). We are optimistic for 5 reasons, namely our belief that March and June PF operating margins will exceed investor expectations. Separately, we believe the AWS breakout will imply retail margins are better than investor thinking. We believe the takeaway from the March quarter and June guide will be that margins are moving higher and if margins go higher, we expect shares of AMZN will continue to work. We are also adjusting our model for FX impact.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a total average return of 27.8% and a 71.0% success rate. Munster has a 21.1% average return when recommending AMZN, and is ranked #2 out of 3573 analysts.

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