J.P. Morgan analyst Doug Anmuth raised his price target for Amazon to $280, calling the stock his “best idea.” He cited accelerating growth in Amazon Web Services, driven by a massive partnership with OpenAI and rising AI demand. The broader analyst consensus remains strongly positive, with 96% of covering analysts rating AMZN a Buy, despite near-term pressures from fuel costs and other investments.
J.P. Morgan analyst Doug Anmuth increased his Amazon price target to $280 and maintained a Buy rating. He designated AMZN as his “best idea” based on upward revisions for AWS growth through 2026 and 2027.
Anmuth cited a $138 billion, eight-year AWS partnership with OpenAI as central to his model. He projects the AWS backlog will grow by $100 billion quarter-over-quarter in Q1 2026, with demand currently outpacing supply.
He stated, “Amazon is the most diversified mega-cap across revenues and profit and has various large growth opportunities — mixed sentiment and attractive valuation.” The analyst’s outlook accounts for near-term cost headwinds, including approximately $125 million in Q1 fuel expenses.
Other Wall Street firms echo this bullish sentiment. Bank of America analyst Justin Post maintains a Buy rating and a $303 price target, referencing potential multi-billion dollar Amazon investments into OpenAI. Out of 67 analysts covering the stock, 96% rate it a Strong Buy or Buy, with an average price target near $295.
Evercore ISI’s Mark Mahaney also named Amazon a top pick for 2026. He noted, “At the end of the day, Amazon remains a high quality compounder…with solid double-digit revenue growth, expanding operating margins, and free cash flow likely to inflect up materially in a 24-month timeframe.“
