Amazon.com Inc ( AMZN ) shares are trading higher Wednesday after the company reported better-than-expected financial results for the first quarter. Multiple analysts also raised price targets on the stock following the print.

Q1 Revenue: $143.3 billion, beat estimates of $142.497 billion

Q1 EPS: 98 cents, beat estimates of 82 cents

North American sales were up 12% year-over-year, while International sales climbed 10% year-over-year. Amazon Web Services sales were up 17% year-over-year. The company noted that AWS is now a $100-billion annual revenue run rate business.

Operating income came in at $15.3 billion in the first quarter. Operating cash flow increased 82% year-over-year to $99.1 billion. Free cash flow came was $50.1 billion over the trailing 12-month period.

“The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS’s AI capabilities is reaccelerating AWS’s growth rate (now at a $100 billion annual revenue run rate); our Stores business continues to expand selection, provide everyday low prices, and accelerate delivery speed (setting another record on speed for Prime customers in Q1) while lowering our cost to serve; and, our Advertising efforts continue to benefit from the growth of our Stores and Prime Video businesses,” said Andy Jassy, president and CEO of Amazon ( AMZN ).

“It’s very early days in all of our businesses and we remain excited by how much more we can make customers’ lives better and easier moving forward.”

Outlook: Amazon ( AMZN ) expects second-quarter net sales to be between $144 billion and $149 billion versus estimates of $150.1 billion. Operating income is expected to be between $10 billion and $14 billion in the second quarter.

Check This Out: Amazon ( AMZN ) Q1 Earnings Highlights: Revenue Beat, EPS Beat, AWS Hits $100-Billion Annual Run Rate And More

Analyst Changes:

Goldman Sachs analyst Eric Sheridan maintained Amazon ( AMZN ) with a Buy and raised the price target from $220 to $225.

Mizuho analyst James Lee maintained Amazon ( AMZN ) with a Buy and raised the price target from $230 to $240.

Raymond James analyst Josh Beck maintained Amazon ( AMZN ) with a Strong Buy and raised the price target from $200 to $205.

Needham analyst Laura Martin reiterated Amazon ( AMZN ) with a Buy and maintained a $205 price target.

Evercore ISI Group analyst Mark Mahaney maintained Amazon.com ( AMZN ) with an Outperform and raised the price target from $220 to $225.

Piper Sandler analyst Thomas Champion maintained Amazon.com ( AMZN ) with an Overweight and raised the price target from $205 to $220.

Baird analyst Colin Sebastian maintained Amazon.com ( AMZN ) with an Outperform and raised the price target from $205 to $210.

Morgan Stanley analyst Brian Nowak maintained Amazon ( AMZN ) with an Overweight and raised the price target from $215 to $220.

Oppenheimer analyst Jason Helfstein maintained Amazon.com ( AMZN ) with an Outperform and raised the price target from $210 to $220.

Truist Securities analyst Youssef Squali maintained Amazon ( AMZN ) with a Buy and raised the price target from $216 to $220.

AMZN Price Action: Amazon ( AMZN ) shares were up 2.68% at $179.82 at the time of publication, according to Benzinga Pro.