Amazon.com (AMZN) PT Raised to $320 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the price target on Amazon.com (NASDAQ: AMZN) to $320.00 (from $315.00) while maintaining a Overweight rating.

The analyst comments: “Amazon's 2Q26 results were about as clean as we can remember, which is especially impressive for a company of this size and complexity. AWS was the standout, accelerating to 37% y/y growth and driving the operating income beat. Shares are up ~10% after hours as AWS performance beat even aggressive buy-side expectations. Management raised 2026 capex to ~$220B (from ~$200B), but this was largely anticipated and overshadowed by the strength of the underlying business. We are raising estimates and believe our updated numbers could still prove conservative. PT to $320 (from $315).

Amazon's 2Q revenue of $200.6B beat consensus of $197B and PSC of $196.3B. AWS was the standout, with revenue growth of 37% well above PSC at 32% and above the buy-side bogey of 35-36%. Lower than expected International revenue was more than offset by better than expected North America revenue, aided by the Prime Day timing shift into 2Q. Total operating income of $27.5B beat our $23.8B estimate and consensus of $23.6B, with AWS EBIT of $16.6B driving the beat. AWS operating margin was 39.4% (or 37.9% excluding a ~$600M energy derivative fair-value gain that fell mostly in AWS), lifting total company margin to 13.7%.”

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