Amazon's 2026 Price Targets Rise to $315 Avg as AWS AI Chips Drive Cloud Demand

Amazon’s Wall Street outlook just got louder: analysts’ price targets now span $230 to $370, with an average of $315.53 — implying roughly an 18% upside from the recent close of $267.22. Those numbers come from forecasts tracked by Zacks (55 analysts) and TradingView (62 analysts), and reflect the overwhelmingly bullish stance on AMZN heading into 2026. Why the confidence? Nearly nine out of ten broker recommendations (86.2%) are Strong Buy, and, across 58 brokerages currently tracked, 50 list Strong Buy and five list Buy — not a single Sell or Strong Sell is recorded. The consensus brokerage rating is 1.19 out of 5, reinforcing the message: Wall Street is largely bullish. Big-name upgrades are driving much of that optimism. Benchmark’s Daniel L. Kurnos raised his target to $370 (from $275), implying a 40% upside. Cowen’s John Blackledge lifted his target to $350 from $300 on May 12. Exane BNP Paribas moved to $345 from $320 on May 5, while Jefferies, Guggenheim and DZ Bank settled around $320. Other notable targets include Goldman Sachs at $325, KeyBanc at $330 and Scotiabank at $325. The fundamentals underpinning the upgrades center on Amazon Web Services (AWS). In Q1 2026 AWS posted 28% net sales growth — its strongest quarterly pace in more than three years — and continues to generate over half of Amazon’s operating profit with an operating margin north of 35% for the third straight year. That combination of high growth and rich margins is a core driver of the bullish thesis. Amazon is also doubling down on AI infrastructure: it’s building custom AI chips for AWS and offering them to third-party customers. Large AI customers are already committing capacity — OpenAI for roughly 2GW of Trainium, Anthropic up to 5GW — while Meta is deploying tens of millions of Graviton cores for AI workloads. Those long-term commitments help explain why analysts keep ratcheting up 2026 price targets. Market-cap milestones add momentum. Amazon’s market value reached about $2.84 trillion in mid-May — just 5.5% shy of a $3 trillion threshold — and the stock briefly hit an all-time high of $278.56 on May 5. Given the upgrades and AWS tailwinds, many analysts frame hitting a $3 trillion valuation as “when,” not “if,” with the principal caveat being a broader market pullback as the most plausible near-term risk. On valuation, Amazon trades at roughly 30 times forward earnings. That is widely viewed as reasonable given the company’s improving top line: total net sales rose 17% in Q1 2026, the healthiest growth rate in nearly five years. The stock has already climbed about 33% over the past three months, and the distribution of price-target revisions — from averages above $315 to the highest target of $370 — signals where Wall Street expects AMZN to head next. As Morningstar analyst Dan Romanoff put it: “Over the long term, we expect e-commerce and international opportunities will pay off in retail; over the medium term, we believe the critical growth drivers will be AWS and advertising.” For investors watching tech and infrastructure plays — including crypto-focused firms that increasingly rely on cloud AI capacity — Amazon’s AWS-led trajectory and the growing chorus of upgrades make AMZN one of the most watched names into 2026.