Although Amazon.com, Inc. (NASDAQ: AMZN) stock fell over 4.4% over the past 30 days through September 16, 2026, Ken Gawrelski, a Wall Street analyst at Wells Fargo & Co. (NYSE: WFC), expects a rally towards a new all-time high (ATH) over the next 12 months.
Gawrelski reiterated a ‘Buy’ rating for Amazon stock, according to a note sent to clients on September 15. He also reaffirmed the firm’s 12-month price target for AMZN at $338.
With Amazon stock trading at $247.92 at the time of writing, this analyst signals a potential 36.33% upside. Earlier on September 3, Gawrelski raised Wells Fargo’s price target for AMZN from $328 to $338 on strong growth of Amazon Web Services (AWS).
Specifically, the analyst noted that his analysis of AWS’s margins and its Bedrock artificial intelligence (AI) platform supports raising AWS operating income estimates by 4% to 6% for 2026 through 2028. When combined with AWS revenue forecasts that already exceed Wall Street’s consensus, this puts Wells Fargo’s AWS operating income estimates 9% above consensus for 2027 and 12% above consensus for 2028.
The firm expects this gap to keep widening as further positive revisions come through.
Is Amazon stock a good buy?
At the time of reporting, 40 Wall Street analysts surveyed by TipRanks over the past three months have issued an average ‘Strong Buy’ for Amazon for the next 12 months.
These analysts have set an average 12-month price target of $334.28, suggesting a possible rally towards a new ATH. Notably, the highest AMZN price forecast for the next 12 months from these analysts is $400, while the lowest is $250.
AMZN price performance
Year-to-date (YTD), AMZN’s price has gained 9.46%, thereby pushing the company’s market capitalization to $2.7 trillion.
So far in 2026, AMZN has established a gradual uptrend, characterized by higher highs and higher lows. Consequently, Wall Street analysts believe that the ongoing AMZN correction could be an opportunity for long-term investors.
Featured image via Shutterstock
