Amazon analysts are eating up its ramped-up Prime shipping plans — even as the e-commerce giant's growth slows

Amazon shares traded modestly higher on Friday after the e-commerce giant reported first-quarter results that topped analysts' expectations.Analysts were particularly bullish on its Prime shipping announcement, but noted growth is slowing across various segments.JPMorgan analysts commented the new free one-day shopping option reflected an increasingly competitive retail environment. Watch Amazon trade live here.Amazon analysts' notes to clients were littered with price-target increases in the wake of the e-commerce giant's first-quarter report. They praised the company's plan to offer free one-day shipping for Prime items , and were generally excited about the company's long-term potential.But it's impossible to ignore the fact that growth is slowing across metrics, from Amazon Web Services to capex/captital leases to overall revenue. Additionally, its second-quarter operating profit guidance fell short of analysts' estimates.“At a high level Amazon's 1Q19 results were good but not great,” Citi analysts led by Mark May wrote, pointing to slowing revenue, gross profit, and AWS growth.Still, the analysts noted operating margins were strong “in all segments,” and hiked their price target to $2,200 — 16% below where shares settled on Thursday.Read more: Amazon's Q1 report offered a mixed bag for investors — a huge earnings beat but disappointing guidanceJPMorgan analysts, for their part, said while they liked the long-term opportunities associated with the new one-day Prime free-shipping offer, it likely reflects a more competitive retail space. “We believe the move is consistent with AMZN's long-standing goal of convenience & selection, but also likely reflects the increasingly competitive retail environment,” they wrote.Others were moret bullish on the shipping announcement.“This IS Big News, if you believe in Shipping Elasticity, which we do,” RBC Capital Markets analysts led by Mark Mahaney wrote. “This could be a key growth catalyst for Amazon for some time.” Here's a snapshot of what other Wall Street analysts told clients: