As Amazon.com, Inc. (NASDAQ: AMZN) shares are set to close June in the red, Justin Post, an analyst at Bank of America Corp. (NYSE: BAC), has reiterated his bullish outlook on Amazon stock.
Post has maintained his ‘Buy’ rating on Amazon stock, according to a note to clients that Finbold analyzed on June 30. The Wall Street analyst maintained his 12-month price target for AMZN stock at $310.00, implying potential upside of more than 29%.
The reaffirmation comes after Amazon announced a 20% price increase for EC2 (Elastic Compute Cloud) Capacity Blocks for Machine Learning, effective July 1. Post highlighted that this move, following a 15% hike in January, is expected to add 1–2 percentage points to second-half AWS growth and further accelerate the segment’s momentum.
He also pointed to strong tailwinds for AMZN shares, driven by the AI stock boost. Moreover, the AWS and OpenAI partnership brings OpenAI models to Bedrock.
Post highlighted the ramp-up of the $38 billion OpenAI commitment as another key growth driver for AMZN shares. He further noted the early stages of the $100 billion Anthropic commitment on AWS as a major boost for Amazon stock.
Amazon stock price forecast and performance
Following Post’s bullish outlook for Amazon stock over the next 12 months, the company’s shares have received a strong buy rating from 45 Wall Street analysts over the past 3 months, as per data from TipRanks. As such, the average Amazon stock price forecast stood at approximately $319.24.
At the time of reporting, Amazon stock traded at about $239.6, up 5.78% year to date (YTD). With 10.76 billion shares outstanding, the company had a reported market capitalization of around $2.58 trillion.
The company’s market cap could grow further over the next 12 months as bullish forecasts from Wall Street analysts could instill investor confidence.
