JMP Securities analyst Ronald Josey reiterates a Buy rating on shares of, Inc. (NASDAQ:AMZN) following a shining second quarter, one Josey considers yet “another impressive quarter with revenue growth reaccelerating and CSOI margins expanding to 6.9%.” In reaction to Amazon’s strong momentum, Josey reiterates a Buy with a price target of $840.00, marking an almost 11% increase from where the stock is currently trading, and asserts, “We continue to be buyers of this stock.”

Amazon’s robust second quarter is partially attributed to accelerated revenue growth of about 30% year-over-year, coming in at $30.4 billion, and above the Street’s prediction by 3%. Meanwhile, earnings/operating income reached 17% above Amazon’s high end of its outlook, hitting $2.1 billion. In fact, Amazon continues a brilliant earnings trend of delivering income above the high point of guidance now six out of seven consecutive quarters. Josey particularly highlights Amazon Web Services with estimated 30% profit margins, above its results this time last fiscal year by about 2%.

After these compelling Amazon results that have continued to outclass expectation, Josey has increased his projection for revenue by 1.8% to $136.6 billion and also has raised his estimate for earnings per share to $12.06. The analyst highlights that Amazon shares in reaction to these second quarter results have been up by 2% in post-market trading, having risen to $758, and fully expects 2017 to bring in $19.7 billion in earnings for the online commerce giant.

True, Josey understands there is some risk, elaborating, “We acknowledge there may be some concern that Amazon’s lower 3Q PF Operating Income guidance relative to consensus could signal the start of a new investment cycle at Amazon, but we think otherwise. Investments in 3Q appear to be targeted at preparing for 4Q and we note that Amazon plans to launch 18 new fulfillment centers in 3Q to avoid last year’s capacity constraints, while also investing in Prime as the company plans to double its media spend in 2H16.”

Fundamentally, however, Josey finds, “With strong results across Amazon’s North America and International retail business as well as AWS, we believe growth and profitability trends should continue.” For now, as Josey continues to buy this stock and recommend other traders follow suit, he looks to next quarter to see if Amazon will continue its trend to rise successfully. Especially as Amazon Web Services shows no sign of stopping its profit margin gains, Amazon in Josey’s eyes appears to be in excellent position as it prepares to start its next quarter for this fiscal year.

According to TipRanks, Ronald Josey is ranked #1,027 out of 4,085 analysts, having reached a success rate to date of 61% and earning an average of 3.8% in his annual returns.

TipRanks analytics shows AMZN is a Strong Buy. Based on 33 analysts who have offered recommendations for Amazon in the past 3 months, 32 rate a Buy, with only 1 remaining maintaining a Hold. The 12-month average price target stands at $876.23, marking a 15% upside.

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