Though Amazon (NASDAQ: AMZN) maintained Wall Street confidence through 2026, the company’s late July earnings provided a strong catalyst for both the equity itself and for institutional price target upgrades.
The most recent analyst note very much followed the trend as, on August 3, Citi’s Ronald Josey reiterated his previous ‘Buy’ rating but upgraded the 12-month forecast from $325 to $350.
Similarly, the other revisions published in the same month also proved bullish. Specifically, Roth MKM analyst Rohit Kulkarni raised his price target from $300 to $325 while particularly reflecting on quarterly financials such as the expanding AWS margins and claims about rising return on investment (ROI) from artificial intelligence (AI).
The Wall Street expert reiterated his ‘Buy’ rating for Amazon stock in the Sunday note.
Wall Street sets Amazon stock price target for next 12 months
Elsewhere, the August assessments and price targets are in line with the wider view on Wall Street. Indeed, AMZN shares are overall rated ‘Strong Buy,’ with 39 positive, a single neutral, and no ‘Sell’ recommendations.
Furthermore, Amazon stock is on average expected to rally 22.63% to $333.03 within the next 12 months, per the data Finbold retrieved from TipRanks on August 3. At press time on Monday, the Street high forecast for AMZN shares stands at $400 and was assigned by Benchmark’s Daniel Kurnos on July 31.
Amazon stock reverses two-month losses in a day after earnings
Meanwhile, the e-commerce and technology giant received a major boost from its most recent quarterly earnings, and the equity soared 15.32% within a single day to $271.58.
Additionally, the Monday pre-market indicates investors are in no mood for selling, with AMZN stock extending the latest gains with a 1.66% rise to its press-time price of $276.10.
Overall, the Friday rally erased almost all stock market losses Amazon incurred since May and ensured the equity was, at the latest close, 19.90% in the green year-to-date (YTD).
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