Analysts are turning their attention to another so-called FAANG stock as Amazon reports after the bell Thursday. The company reported a record-setting holiday season and analysts will be also be watching for updates on revenue growth deceleration, cloud services, health-care business, Whole Foods integration and international growth.

Amazon shares are up 3 percent heading into the results and a whopping 17 percent over the last year, outperforming the S&P 500, which is down 4.6 percent.

In his analyst preview note, Goldman Sachs' Heath Terry said, "Investors' primary focus into results is revenue growth ... the vast majority of investors we speak with remain focused on the risk of further deceleration in Amazon's growth rate." Terry is also looking for an update on how the proposed changes in India protecting local competitors, will impact Amazon and its Q1 guidance.

Analyst Doug Anmuth at J.P. Morgan has Amazon on his focus list and it remains a top pick at the firm. He said, "We believe Amazon will guide the high end to revenue reacceleration in 1Q, though we recognize there are multiple timing/comp dynamics and accounting changes that combined could be a modest headwind to AMZN's typical reacceleration."

SunTrust's Youssef Squali warned that, "History shows that Amazon has had limited success in exceeding Street expectations for revs in 4Q, likely due to the lack of visibility at the time guidance is given, and difficulties in forecasting a high amount of sales volume in such a small window, in our view."