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Amazon Blasts Past Street's Forecast

Stocks in this article: AMZN

Updated from Thursday, Jan. 28

SEATTLE ( TheStreet) -- Amazon (AMZN - Get Report) is being praised by analysts, who are upping their target price on the stock after the e-retailer easily topped Wall Street's fourth-quarter estimates and released a positive outlook.

The news sent shares up 3.4% to $130.24 before the bell on Friday.

Needham upped its target to $140 from $120. "The Amazon story would appear to have no bounds," analyst Charles Wolf wrote in a note. "Through a combination of price leadership, superb service and continuing expansion of product offerings, Amazon is gaining share in the online e-commerce market even as the e-commerce market gains share from the physical commerce market."

Jeffries also raised its price target to $160 from $150 and Kaufman Bros. lifted its target to $160 from $155.

Looking ahead, Amazon predicts revenue in the range of $6.45 billion to $7 billion, better than the $6.36 billion analysts are looking for. Operating income is expected to fall between $275 million and $365 million.

During the quarter, the company earned $384 million, or 85 cents a share, a 71% surge compared with $225 million, or 52 cents, in the year-ago period. Analysts expected earnings of 72 cents a share.

Sales soared 42% to $9.51 billion from $6.7 billion last year. This was significantly higher than the $9.04 billion forecast.

Amazon did not reveal how many Kindles it has sold.

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