Shares of Amazon (AMZN - Get Report)  rose nearly 3% to $945.72 in early-morning trading on Friday, getting a boost from its 2017 first-quarter earnings per share and revenue beat. 

After Thursday's closing bell, the e-commerce giant reported earnings of $1.48 per share, topping estimates for $1.08 per share. Revenue came in at $35.71 billion, also topping expectations for $35.3 billion. The stock climbed nearly 5% in after-hours trading on Thursday. Shares are up about 26% year-to-date and up roughly 57% in the past 12 months. 

Revenue from the company's cloud business, Amazon Web Services (AWS), grew 43% year-over-year to $3.7 billion from $2.6 billion. However, operating income fell 6% year-over-year to $1 billion for the past quarter. 

To see how Wall Street firms are reacting to the earnings and revenue beat, keep reading. 

Nomura, Anthony DiClimente (buy, $975 price target) 

"Amazon reported results that surpassed expectations for the quarter while guiding forward quarter profitability lower. The company's 1Q revenue growth was better than expected, with particular strength coming from the North America business. Additionally, 1Q operating income surpassed guidance and our profitability estimates. Revenue guidance for the 2Q also exceeded expectations at the high end. However, once again, Amazon guided 2Q OI below expectations, a risk we articulated in our preview. Importantly, new operating segment and unit growth trends likely give investors increasing comfort in Prime subscriber trends. In sum, while our forward quarter OI estimates again move lower, our longer-term estimates remain mostly unchanged; as such, we reiterate our Target Price of $975."

Barclays, Ross Sandler and Deepak Mathivanan (overweight, $1120 price target) 

"Amazon reported revenue and EPS that were 2% and 8% above our estimates, and the guidance for 2Q was broadly in-line. AWS growth in 1Q barely decelerated and was ahead of expectations considering the concern around the 3-month impact of price cuts. Retail revenue was solid for 1Q and implied in the 2Q guide, and our fears heading into results around operating margins in retail were validated but were more than offset by the top-line trajectory. Stepping back from the metrics, Amazon's business momentum is very strong and the stock remains a must-own for any consumer internet investor. . . The primary negative we continue to point to (one that is well understood) is the pace of margin compression in retail picking up from the heavy investments."

BMO, Daniel Salmon (outperform, $1200 price target) 

"1Q results reflected the step-up in investment levels that began in the 2H16 as total company operating margins declined for the second straight Q. The 2Q guide calls for a continuation of this trend as investments across the business (Prime content, fulfillment, India, etc.) are expected to weigh on profitability still. But we think both were better than buyside fears, and we believe continued scale in North America for higher-margin businesses (advertising, subscription media, credit cards, etc.) offers significant opportunity to drive profitability. . . Amazon remains our favorite idea for new money and our price target remains $1200, implying 19.9x 2018E EV/adj. EBITDA."

Cantor Fitzgerald, Naved Khan (overweight, $970 price target) 

"We're maintaining our Overweight rating and $970 PT following solid 1Q results, which topped Street expectations on all metrics, attesting to the success of AMZN's winning formula. Mgt's commentary on the call and the latest annual shareholder letter (from earlier this month) suggest that the company remains very-much focused on investing in growth initiatives aimed at widening its competitive moat and winning a larger share of the substantial opportunity in global retail. Given the business's growing scale and execution track record to-date, we remain constructive on the name."