NEW YORK (TheStreet) --'s  (AMZN) - Get Report  earnings estimates for the fiscal 2016 third quarter were raised to $1.04 from 92 cents at Jefferies this morning, after reporting an earnings and revenue beat for the fiscal 2016 second quarter after Thursday's market close. 

The firm also raised the company's price target to $950 from $865 with a "buy" rating. reported adjusted earnings of $1.78 per share on revenues of $30.4 billion, beating analysts' estimates of $1.11 per share on revenues of $29.55 billion. 

For the third quarter, is projecting revenue of $31 billion to $33.5 billion.

Jefferies raised fiscal 2016 third quarter estimates to reflect Q2 results and guidance. "We continue to believe that AMZN should be a core eCommerce holding as it still has plenty of growth opportunities ahead," the firm wrote in the analyst note. 

The Seattle-based electronic commerce and cloud computing company continues to gain market share in its sector by "reducing friction for shoppers" by offering better product selection and availability, as well as better customer service and faster delivery, Jefferies said. 

"AMZN is best positioned to benefit from the secular shift of commerce from offline to online," the firm said. 

Shares of are up by 1.22% to $761.78 in mid-morning trading on Friday,

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate AMAZON.COM INC as a Buy with a ratings score of B-. COM INC (AMZN) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

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

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