After Amazon dropped on its earnings report, Wall Street analysts mostly stuck by the internet juggernaut, tweaking estimates and lowering price targets slightly.

Amazon shares dropped sharply during its earnings call and were down around 3 percent at the open. Some analysts did warn choppy trading could be ahead ahead due to uncertainty in India, higher investment spending, slowing growth, and a weaker outlook.

Goldman Sachs analyst Heath Terry was one of the few standouts, actually raising his 12-month price target to $2100. "We continue to believe Amazon represents the best risk/reward in Internet given the relatively early-stage shift of workloads to the cloud, the transition of traditional retail online, and share gains in its advertising business, the long-term benefits of each we believe the market continues to underestimate for Amazon," Terry wrote.

Barclays analyst Ross Sandler lowered his price target and thought that, "stepping back, the 20% pullback in Amazon since September 2018 (vs. -7% S&P), in our view, prices in much of the concerns around growth & pace of margin expansion in retail, and we would let the dust settle & add on weakness."

RBC's Mark Mahaney said in his earnings recap note, "Amazon traded off 5% in the aftermarket because: a)

it was a Modest Beat & Mixed Quarter AND stock was up 14% YTD (3% yesterday), implying high expectations; b) cautious Q&A commentary around impact of potential India regulations; & c) commentary suggesting '19 would see step-up in investment spend...That said, we view the Amazon Long Thesis as Very Well Intact."

Also commenting on the stock trading lower was Youssef Squali from SunTrust who said, "We believe the stock is down after-hours on a soft 1Q19 rev/Op. Inc. guide, risk from India's new ecom regulation, prospects for higher investments in 2019, all on the back of a stock that's outperformed peers."