Amazon.com's (AMZN) Amazon Web Services faces concerns that it might not accelerate in Q2 amid capacity constraints, Oppenheimer said in a note Friday.

"Management cited capacity constraints, but getting better as year proceeds with more server capacity," the firm said.

Oppenheimer said AWS' Q1 revenue raises concerns that Q2 needs to increase 5% sequentially to maintain stable year-over-year growth.

On the tariff headwind, the firm said it would be offset by the company's core strategy of broad selection, price and speed.

Oppenheimer cut its price target on Amazon to $215 from $220 and maintained its outperform rating.

The company's shares rose 1.4% in recent Friday trading.

Price: 192.36, Change: +2.16, Percent Change: +1.14