KeyBanc analyst Edward Yruma downgraded Amazon.com to Sector Weight with the stock nearing his previous price target of $961.

While the Q1 results were "impressive," increased competition may "dampen near-term upside," Yruma tells investors in a post-earnings research note. The analyst remains constructive on Amazon's long term outlook and recommends looking for a more attractive entry point. Amazon in premarket trading is up 4%, or $33.32, to $951.70.