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NEW YORK (TheStreet) -- Shares of Inc  (AMZN) - Get, Inc. Report were spiking, sharply up 19.88% to $578.02 in pre-market trading Friday, after the ecommerce giant reported a surprise profit in its latest quarterly earnings results.

This morning, Wall Street firms issued notes following the company's strong financial results.

Analysts at Barclays upgraded shares of Amazon to "overweight" from "equal weight" with a higher price target of $700 from $412.

Barclays said the online retailer's margins are expanding much faster than previously thought, and sees revenue growth as both a surprise and sustainable. 

Additionally, analysts at Piper Jaffray upped their price target on shares of Amazon to $650 from $520, while keeping their "overweight" rating.

The firm said that with the company reporting its third consecutive quarter of higher than expected margins, it now sees further expansion as management reiterates plans to drive productivity in 2015. 

For the second quarter ended June, Amazon earned 19 cents per share on revenue of $23.18 billion.

Both figures easily topped analysts' estimates of a loss of 14 cents a share on sales of $22.39 billion for the period, according to data compiled by Thomson Reuters.

Amazon's operating margin, a key metric, was 2% versus the 1.1% from last quarter. Operating expenses increased by 17% year over year to $22.1 billion.

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Sales of Amazon Web Services, its cloud computing service, increased to $1.82 billion from $1 billion in the previous year.

Last week, the ecommerce giant held its first Amazon Prime Day in an attempt to recreate Black Friday savings in the summer.

Shares of Amazon are up more than 55% so far this year.

Yesterday, shares of Amazon closed at $482.18 in the regular trading session prior to the company's earnings release.

Seattle-based is an e-commerce company that sells a range of products and services through its various owned and affiliated websites.

Separately, TheStreet Ratings team rates AMAZON.COM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate AMAZON.COM INC (AMZN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, robust revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."

You can view the full analysis from the report here: AMZN Ratings Report

AMZN data by YCharts

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