Shares of Amazon.com (AMZN) are on the rise following better than expected first quarter results and bullish commentary by several Wall Street analysts. JP Morgan analyst Doug Anmuth raised his price target on the company's shares to a "Street high" of $915, while Citi analyst Mark May said he expects Amazon's yearly adjusted earnings per share to grow to near $20 within the next two years.

SURPRISING RESULTS: Citi's May said Amazon is "surprising the critics" after the company delivered first quarter results ahead of expectations and better than some feared. The analyst said he expects Amazon to generate $9.5B in free cash this year and $13.5B next year, and that he continues to see the business trending toward about $20 per share in adjusted earnings per share in 2018. May noted that he still believes too many investors remain skeptical of Amazon's near-, mid-, and long-term earnings power. He reiterated a Buy rating and raised his price target on Amazon's shares to $780 from $760.

STORY COMING TOGETHER: JPMorgan's Anmuth raised his price target for Amazon to $915 from $822 given the company's "strong" first quarter results that show "it's all just working." Amazon has reached a level of scale, efficiency, and gross profit dollars that it can continue to invest aggressively in the business while also delivering material profits, the analyst told investors in a post-earnings research note this morning. Anmuth also noted that the company's Prime ecosystem is driving "strong" top-line results and its Web Services continue to have "strong" growth. He reiterated an Overweight rating on the shares.

UNIQUE POSITION: Baird analyst Colin Sebastian raised its price target on Amazon to $780 from $710 citing an acceleration in revenue growth and an expansion of margins across all business segments. The analyst believes Amazon continues to invest aggressively in still nascent growth initiatives, and while the pace of margin expansion is unlikely linear, its retail flywheel has never been more powerful. Sebastian added that Amazon remains "uniquely" positioned to achieve "significant" ongoing market share expansion and reiterated an Outperform rating on the company's shares.

RESULTS: Yesterday, after market close, Amazon reported first quarter earnings per share of $1.07, beating consensus of 58c, and first quarter revenue of $29.1B, also above consensus estimates of $27.98B. Amazon expects second quarter revenue of $28B-$30.5B, with consensus at $28.33B, and operating income between $375M-$975M.

PRICE ACTION: In morning trading, Amazon's stock had gained almost 10% to about $660 per share.