Amazon.com (AMZN) - Get Amazon.com, Inc. Report was downgraded at Pacific Crest today to "Sector Weight" from "Overweight" as the firm sees mounting competition and "moderating" growth rates in its business.

Despite today's downgrade, shares of Amazon were higher nearly 2.5% during mid-morning trading on Friday after the e-commerce giant beat first quarter expectations after Thursday's close.

"Amazon's 1Q17 results were impressive. However, the stock is approaching our $961 target and stepped-up competition may dampen near-term upside," Pacific Crest analyst Edward Yruma wrote in a note titled "As good as it gets (for now)."

"1P [first party] growth rates point to moderating sales growth, and retail competition is intensifying. Nevertheless, we remain constructive long term and would look for a more-attractive entry point," he continued.

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First party signifies the e-commerce business where Amazon sells products directly to customers.

(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial).

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