BNP Paribas Exane analyst Nick Jones has set a $320 price target for Amazon stock, implying over 50% upside from recent trading levels. His prediction, published on April 7, 2026, is based on the company’s AI capital expenditure plans, accelerating backlog data, and productivity gains. The average analyst target is $284.56, with a high forecast of $325.
The most attention-grabbing Amazon stock price prediction comes from BNP Paribas Exane analyst Nick Jones. He placed a $320 target on AMZN, representing significant upside from its $213.77 close on the date of his note.
Jones argues investor concerns over Amazon‘s planned $200 billion in 2026 AI capital expenditures are overdone. “Concerns are overdone. Amazon’s heightened spending is appropriate and necessary given demand levels and the size of the future opportunity,” he stated.
His case leverages the backlog-to-capex ratio and the revenue potential of new infrastructure. Each gigawatt of capacity costs about $50 billion to build and generates approximately $15 billion in annual revenue once operational.
Current analyst consensus strongly supports the stock. Out of 46 Wall Street analysts, 43 rate AMZN a Buy and three say Hold, with zero Sell ratings.
The average Amazon stock target price sits at $284.56, with a high forecast of $325.00. Jones’s $320 call sits near the top of that range.
Jones’s prediction also points to accelerating revenue per employee as a key productivity metric. This figure rose from under $300,000 in Q1 2022 to over $540,000 by Q4 2025.
Amazon CEO Andy Jassy confirmed the company’s spending direction. “The company aims to spend $200 billion in capex by the end of 2026. Most of it will go to AWS, primarily for AI infrastructure,” he mentioned.
CFO Brian Olsavsky noted that new AWS capacity converts to revenue quickly. With the stock down around 8% year-to-date, Jones sees a potential buying opportunity where the price lags fundamentals.
