Jim Cramer: Buy Amazon Ahead of Earnings

Katherine Ross

Whew. 

Goldman Sachs came out with a very bullish note on Amazon (AMZN) - Get Report this morning, raising its price target to $2,900 from $2,600.

"We expect Amazon to report results well above consensus expectations on revenue and profitability while guiding 2Q above consensus on both metrics. The increase in demand the company’s retail, AWS, and ads businesses is seeing and Amazon’s ability to meet the challenges of this demand, will, we believe, serve to steepen the curve of its long term growth rate, drive incremental profitability, and further deepen the competitive moat around all of its businesses. While the stock has outperformed significantly, we believe the market continues to underestimate the long term value of the Amazon platform as the leader in both the movement of retail online and compute into the cloud, the realization of which is being accelerated by the current crisis along with consumer and enterprise adoption. Therefore, we continue to believe Amazon represents the best risk/reward in the Internet sector and remain Buy-rated," wrote Goldman analysts on Thursday.

Watch the full video above for Jim Cramer's full take.

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