Amazon has obviously been a beneficiary of the COVID-19, everyone has relied on the eCommerce company, analysts at Cowen, Jefferies and Pivotal gave their review of the stock.

Early on Thursday, analysts at Cowen reiterated their Outperform rating on and $4,000 price target on the eCommerce powerhouse.

This bullish view primarily comes from the demand for eCommerce during the coronavirus pandemic, as many look to online shopping instead of in person retail stores. Equity research teams across the street have spoken with Amazon executives regarding 4Q as the holiday season and Prime Day near.

Prime Day, which is typically held in early July but will come in October this year, spells a bright opportunity for Amazon to realize a fantastic 4Q, as analysts at Cowen found that it “has historically been one of the strongest sales days of the year, typically driving sales and Prime member growth that surpass each prior year's Black Friday.” These sales should give the Seattle-based company a competitive edge in revenue and sales, while achieving even further growth among new consumers across the country.

That being said, two days of discounts alone won’t give Amazon sellers the returns they’re looking for, which is why an Amazon expert the analysts spoke with has begun “advising sellers to ramp ad spend ahead of and into Prime Day to build traffic for their products, increasing product relevancy during the event itself,” according to Cowen.

The expert is advising sellers on the website to ramp advertising of  their products ahead of Prime Day, and “further indicated that he had seen an increase in ad load on product pages. He specifically cited a Beauty product search that showed 6 product ads on the first page in March and had expanded recently to ~22 product ads on the first page.”

Analysts at Jefferies also rode the Amazon wagon, as they reiterated their Buy rating on Amazon with a $3,800 PT on Thursday morning.

Their primary reasons were that the pandemic has worked wonders for AMZN, with higher demand causing the company to expand capacity "at an unprecedented pace," same-day delivery expansion is in the near future, Amazon is cutting off third-party carriers and Amazon is making moves towards self-distribution in grocery "with potential to drive margins higher.".

Analysts at Pivotal raised their price target to $4,500, on Wednesday declaring that there will be a "massive upside" by 2024 as they believe that analysts (including themselves) have been "looking at SOTP [sum of the parts] wrong."

Pivotal commented: “We and almost every other investor we have spoken to over the years, have been framing the amazon SOTP wrong.” For this reason, the analysts are not fans of the SOTP model and mention that this method leads to inaccurate conclusions.

For example, “Amazon advertising is only ~5% of revenues, but is far greater contributor to overall non-AWS EBIT margins than the street recognizes. Said differently, If advertising was viewed as a stand-along [sic] business unit . . . it would represent well north of 300% of 2020E non-AWS EBIT.”

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