KeyBanc analysts said a "tentative consumer" and a competitive web services landscape aren't threats to Amazon.com (AMZN) - Get Report , which is poised to report solid results in its Thursday earnings.

KeyBanc said conversations with partners suggest Amazon Web Services growth could "reaccelerate" in the second quarter following a sluggish first quarter. Revenue could jump over 10% sequentially to $4 billion. Although competition with Microsoft Corp (MSFT) - Get Report and Alphabet's (GOOGL) - Get Report Google has increased, it does not appear to derail Amazon's cloud growth prospects.

Amazon's recent moves in retail, including its proposed acquisition of Whole Foods Market (WFM) , Prime Wardrobe release and deal with Sears (SHLD) to sell Kenmore appliances, position it well for long-term growth. Even in a "difficult retail environment," Amazon's retail business will grow 15% year over year, KeyBanc wrote.

KeyBanc rates Amazon "sector weight." Amazon stock traded up 0.7% on Monday morning.

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