Amazon.com (AMZN) PT Raised to $350 at TD Cowen

TD Cowen analyst John Blackledge raised the price target on Amazon.com (NASDAQ: AMZN) to $350.00 (from $340.00) while maintaining a Buy rating.

The analyst commented: "AMZN 2Q rev & Op Inc were +2% & +11% (x-1x items) vs cons, led by AWS rev and Op Inc beat. AWS rev accel'd to +37% y/y on >$25BN run rate for both chips & AI biz; backlog grew to $496BN. 3Q26 rev guide was a touch below cons while Op Inc guide was +6% (at high end); mgmt. raised '26 capex outlook to ~$220BN. We raised rev, Op Inc, & capex est's on higher AWS forecast. PT to $350, maintain Buy.

Changes to Estimates; DCF-Based Price Target Goes to $350: Our FY26 rev forecast is largely unchanged. Longer term, we raised our rev forecast by 4.5% on avg. annually from '27E-'31E; our AWS rev est's increased ~18% on avg. annually over the period, reflecting our updated view of LT trajectory (higher AI & core rev). We raised overall Op. Inc. est's by ~5% in '26 and by 17% on avg. annually from '27E-'31E, and we raised our capex forecast by ~12% (on avg.) from '27E-'31E. In turn, our Price Target goes to $350 from $340, maintain Buy."

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