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Amazon: Jefferies keeps 'buy' rating ahead of results

( - Jefferies is maintaining its "buy" rating on Amazon, with a target price of 3,800 dollars, ahead of the Seattle tech giant's second-quarter results on Thursday.

The broker points out that expectations are high heading into the event, with the shares having risen by 65% year-to-date and even trading 34% higher since the end of the first quarter. Jefferies expects, however, Amazon to deliver.

Yet, as most of the near-term acceleration in business has been priced in, the broker prefers to focus on how recent changes in consumer behaviour provide attractive long-term opportunities.

"We believe behavioral changes resulting from the pandemic provide Amazon attractive long-term opportunities beyond a near-term surge in online consumption," it writes in a note.

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