A popular exchange traded fund for technology stocks, PowerShares QQQ (NasdaqGM: QQQ), rose fractionally in preopen trading Wednesday after first-quarter results from Amazon (NasdaqGS: AMZN).

The highly traded ETF rose 0.2% before the bell.

Amazon results were mixed as the company’s revenue beat consensus but it missed on profit and investors worried about lower margins.

“This is not an easy stock to own into earnings (for fear of an EPS miss as shown last night),” wrote Jefferies analysts in a note Wednesday.

However, they maintained their buy rating on the stock with a  price target of $205. Jefferies likes Amazon’s market share gains and high growth rates, e-commerce opportunities, and aggressive investments that are likely enhance its competitive moat.

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