Wall Street is buzzing over Amazon's impressive March quarter results.

Analysts are growing more confident over the prospects for many of Amazon's new businesses including subscription services, advertising and cloud computing.

The e-commerce juggernaut reported better-than-expected first-quarter earnings results Thursday. It also gave profit guidance for its second quarter significantly above Wall Street expectations.

Amazon shares soared as much as 7.9 percent in early trading Friday, briefly surpassing its all-time high of $1,617.54. The stock closed up 3.6 percent.

Goldman Sachs reiterated its buy rating, saying Amazon is still in the "early stages" in many of its key markets.

"We are in the sweet spot between Amazon investment cycles where new fulfillment/data centers are driving accelerating revenue growth while incremental capacity utilization is driving margin expansion," analyst Heath Terry wrote in a note to clients Friday. "We still remain in the early stages of the shift of compute to the cloud and the transition of traditional retail online and, in our opinion, the market is underestimating the long-term financial benefit of both to Amazon."