Stocks March 10, 2026

Amazon Stock Upgrade: Big Banks Boost AMZN Targets as Analyst Confidence Surges

Analysts reviewing Bank of America and Citi reports on Amazon stock at a busy trading floor

Amazon stock upgrade momentum is building across Wall Street, with Bank of America reaffirming its Amazon Buy rating and a $275 AMZN price target, implying 30.6% upside. Citi also set its target at $320, Wells Fargo at $304, and Goldman Sachs at $280. The Bank of America Amazon thesis centers on AWS’s AI-driven growth acceleration and a $200 billion capex plan the market has been misreading as a liability.

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Why Amazon Stock Upgrade Momentum Builds With New Buy Ratings and Targets

Wall Street traders monitoring AMZN price targets as Amazon stock upgrade ratings climb – Source: BlockNow

BofA’s Amazon Stock Upgrade Thesis: AWS Capex Is a Revenue Engine

Bank of America Securities analyst Justin Post maintained his Buy rating on March 4, setting his $275 target based on what he sees as badly underpriced AI monetization at AWS. AWS also doubled its power capacity between 2022 and Q3 2025, from 8.0 GW to nearly 15 GW, generating $21.2 billion in incremental sales from the 3.9 GW added in 2025 alone, roughly $5.4 billion per GW. Amazon plans to double capacity again by 2027.

BofA analysts stated:

“If a significant share of Anthropic’s workloads run on AWS… we see an opportunity for up to a $1 billion quarter-over-quarter increase in Q1 AWS revenues related to Anthropic.”

They also added:

“We believe the recent acceleration in Anthropic’s ARR signals strong (and rapidly growing) enterprise demand for AI services.”

AWS Fundamentals Supporting the Amazon Stock Upgrade Narrative

AMZN 1-year price chart, current price $213.63, 52-week range $161.38–$258.60 – Source: MotleyFool

AWS hit 24% growth in Q4 2025, its fastest in 13 quarters, on a $142 billion annualized revenue base. Amazon also reported Q4 net sales of $213.4 billion, up 14%, with a $244 billion AWS backlog, up 40% year over year.

Amazon CEO Andy Jassy stated on the Q4 2025 earnings call:

“As fast as we install this capacity, this AI capacity, we are monetizing it.”

AMZN Revenue and EBITDA Margins chart showing revenue forecast climbing toward $1.22T by 2030, margins expanding to 34.61% – Source: TIKR

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Where the Amazon Analyst Upgrades Put AMZN Price Targets Right Now

Street targets table, mean price target $280.47, 48 buys among 62 analysts as of March 6, 2026 – Source: TIKR

The Amazon stock upgrade picture across 62 analysts shows 48 Buy ratings and a mean AMZN price target of $280.47, implying 31.5% upside. Citi also leads at $320 (+51.9%), followed by Wells Fargo at $304, UBS at $301, Goldman Sachs at $280, Bank of America Amazon at $275, and JPMorgan at $265.

Wall Street's latest AMZN price targets table — Citi $320, Wells Fargo $304, UBS $301, Goldman Sachs $280, BofA $275, JPMorgan $265 — Wall Street’s latest AMZN price targets table — Citi $320, Wells Fargo $304, UBS $301, Goldman Sachs $280, BofA $275, JPMorgan $265 – Source: TipRanks

TIKR’s mid-case model prices AMZN at $498.20 by December 2030, a 133.7% total return at a 19.2% annualized IRR, anchored to 11.1% revenue CAGR with net income margins also expanding toward 15.2%. The $244 billion AWS backlog growing 40% year over year is the core argument against the capex-as-liability narrative driving near-term Amazon stock upgrade skepticism.

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