TLDR
- Wolfe Research reaffirmed its Outperform rating and $320 price target on AMZN on May 29
- Amazon launched Supply Chain Services on May 4, targeting a market Wolfe values at over $1.2 trillion
- UBS reaffirmed its Buy rating with a $333 price target, projecting AWS revenue of $175.9 billion — 36% YoY growth
- Q1 2026 EPS came in at $2.78, beating the $1.63 consensus estimate; revenue hit $181.52 billion
- 57 analysts rate AMZN a Buy, with a consensus price target of $312.52
Amazon (AMZN) stock opened at $256.52 on Wednesday, sitting well below Wall Street’s average price target of $312.52, as analysts continue to pile on bullish coverage.
Wolfe Research reaffirmed its Outperform rating and $320 price target on May 29, pointing to the company’s newly launched supply chain business as a major growth driver.
Amazon launched Amazon Supply Chain Services on May 4. The offering targets non-Amazon vendors and includes Amazon Freight for under-truckload shipping and Global Logistics for maritime and air transport.
Wolfe Research puts the total addressable market for the division at over $1.2 trillion. That breaks down to $750 billion in freight, $200 billion in US shipping, $120 billion in distribution and fulfillment, and $100 billion in international parcel delivery.
That’s a big sandbox to play in.
AWS Growth in Focus
UBS also reaffirmed its Buy rating on May 27, setting a price target of $333 — one of the more bullish calls on the street right now.
The firm updated its AWS forecasting model after Amazon beat Q1 estimates. UBS now projects AWS revenue of $175.9 billion, reflecting 36% year-over-year growth — ahead of the consensus estimate of $166.6 billion.
UBS also projects AWS will add $350 billion to its backlog by 2026 and beyond, underlining continued demand for cloud infrastructure.
Amazon’s Q1 2026 results gave analysts plenty to work with. The company posted EPS of $2.78, well ahead of the $1.63 consensus. Revenue came in at $181.52 billion, beating expectations of $177.28 billion and up 16.6% year-over-year.
Institutional Buying Continues
On the institutional side, multiple funds added to their AMZN positions in Q4. Brighton Jones LLC increased its stake by 10.9%, bringing its holding to over 4 million shares worth $885 million. Bank Pictet & Cie Europe AG added 2.8% to its position, now worth $442 million.
Greenwood Gearhart Inc. lifted its stake by 3.4%, buying 4,033 additional units and bringing its total AMZN holding to $28.3 million. Institutional investors now own 72.2% of the stock.
Analyst coverage remains overwhelmingly positive. Of 60 analysts tracked, 57 have a Buy rating and three have a Hold. No sells.
Benchmark raised its price target from $275 to $370 on April 30 — the highest target mentioned in recent coverage.
Headwinds Worth Watching
It’s not all clear skies. Stanley Druckenmiller reportedly cut his Amazon position, a move that drew attention given his profile. The company also faces an EU cloud procurement review that could affect AWS government contract wins, and Ring is dealing with a class-action privacy lawsuit over facial recognition.
Two Amazon CEOs also sold stock recently under pre-arranged 10b5-1 plans. Matthew Garman sold 15,467 units at $263.40 on May 21. Douglas Herrington sold 27,500 units at $275.00 on May 4.
AMZN’s 52-week range sits between $196.00 and $278.56, with a market cap of $2.76 trillion.
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