While Amazon's (AMZN) - Get Report business -- and stock price -- are rocking right now, investors shouldn't think the digital giant is totally removed from several major short-term profit headwinds.

"We remain bullish about Amazon's long-term opportunity and ability to execute, but acknowledge that the company's heavy investments -- in last mile delivery, fulfillment, Prime Now, Amazon Fresh, Prime digital content, Alexa/Echo, India and AWS (web services) -- are leading to larger than expected margin pressure in the near-term," wrote Morgan Stanley analyst Brian Nowak in a new note on Monday. Nowak, while reiterating his overweight rating and $975 price target on Amazon, cautioned that he expects below Wall Street consensus profit guidance from the company when it reports earnings on Thursday.

Suffice it to say, caution among Wall Street analysts on Amazon this year has been few and far between.

"Amazon is likely to be one of the first trillion-dollar market cap companies; it's just a question of when, not if, in our view," Barclays analyst Ross Sandler penned earlier this month. "The retail business has a considerable moat, and the Prime flywheel and logistics and automation are just getting going," said Sandler, who also struck a bullish tone on the prospects for Amazon's cloud computing business. Sandler is one of the more upbeat analysts on Amazon's stock with his $1,120 price target.

Says MKM Partners analyst Rob Sanderson, "We think the primary reason for recent outperformance of Amazon shares is related to the significant outperformance vs. retail peers, heightened concerns about the long-term opportunity and margin structure for traditional retailers and Amazon's efforts/ambitions to expand into adjacent categories (groceries, automotive parts, furniture, etc.). Sanderson has $995 price target on Amazon.

Amazon's stock has exploded some 44% to $898.53 over the past year as rivals in the bricks and mortar retail space have struggled mightily. Shares have under-performed the Nasdaq Composite during the last five trading sessions, however, perhaps as investors grow concerned on Amazon's profit outlook later this week.