Amazon Inc. (AMZN) shares rose nearly 5% in Friday’s session after the company was upgraded by Bernstein Research.

Analyst Jeffrey Lindsay raised his rating to "outperform" from "market perform" and boosted his price target for the stock to $160, because “the company’s unique and differentiated attributes have shown their value once again by enabling Amazon to reaccelerate revenues much sooner than expected coming out of the economic downturn,” Lindsay said in a note to clients.

Lindsay cited the company’s third quarter results, reported on October 22, as delivering a quicker-than-expected reacceleration of margins, and also noted better-than-expected margins and higher-than-expected fourth-quarter guidance for the upgrade.

Amazon’s third-quarter results showed a profit increase of 69%, which sent shares surging. Amazon is up 35% since its close on October 22 and the stock has more than tripled since November of last year, when it was trading around $35 a share.

Despite the stock’s run-up, Lindsay thinks consensus estimates are too low for the company. The analyst projected 41% year-over-year revenue growth as a result of “the higher spending power of Amazon customers,” and the company’s “30 new product category introductions.”

Shares of Amazon were trading at $125.95, up $5.34, or 4.43%, Friday on the NASDAQ in New York.