As Amazon.com, Inc. (NASDAQ: AMZN) stock signaled an end to June’s correction in early July, John Blackledge, a Wall Street analyst from TD Cowen, maintained a bullish outlook for the next 12 months.
Blackledge reiterated a Buy rating for Amazon stock over the next 12 months, according to a note sent to clients analyzed by Finbold on July 9. He further lowered his 12-month price target for AMZN shares from $350 to $340, thus signaling a potential 40.6% upside.
The analyst signaled bullish sentiment on Amazon stock, following a similar move from Eric Sherida, an analyst at Goldman Sachs Group Inc. (NYSE:GS). Earlier this week, Sherida reiterated a Buy rating for AMZN shares and raised his 12-month price target to $335 from $325.
Meanwhile, Laura Martin, an analyst at Needham, maintained a Buy rating on Amazon stock, as Finbold reported. As such, 45 Wall Street analysts surveyed by TipRanks have set a 12-month price target of $319.26, which represents a potential 32% upside.
Why is Wall Street bullish on Amazon stock?
Wall Street’s bullish stance on Amazon stock is bolstered by AWS’s re-acceleration and its expanding AI infrastructure footprint with top firms including Anthropic and OpenAI. Furthermore, AWS grew 28% to $37.587 billion in Q1 2026, the fastest growth in 15 quarters, according to the company’s earnings report.
Meanwhile, Wall Street analysts are bullish on AMZN shares following the year-to-date (YTD) momentum. From a technical analysis standpoint, Amazon shares have formed a higher high and possibly formed a higher low over the past two weeks, a characteristic of a rising trend.
As such, if AMZN stock rallies above its 2026 resistance level around $275, the analyst’s price forecast could be achieved. However, if investors in the AI industry cool down amid pointed risks of a bubble bust, as Finbold noted, the analysts’ forecast could be invalidated.
