We’re Bullish on Amazon With 36% Upside From Current Levels

We’re Bullish on Amazon With 36% Upside From Current Levels Vandita Jadeja Sun, June 21, 2026 at 4:00 PM GMT+2 4 min read AMZN NVDA Quick Read AMZN trades 10% below recent highs, and 24/7 Wall St. issues a BUY with a $322 price target implying 36% upside. AWS grew 28% in Q1, its fastest pace in 15 quarters, and Amazon's custom chips crossed a $20 billion run rate.

Amazon's $200 billion 2026 capex crushed free cash flow 66% to $11 billion, and Q1 net income was inflated by a one-time Anthropic gain. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today .

Amazon ( NASDAQ:AMZN ) trades at $237. 50 after a 10. 33% pullback over the last month.

With AWS reaccelerating, advertising compounding, and custom silicon scaling fast, I see the recent weakness as a setup for upside. Andrei Stanescu / iStock Editorial via Getty Images Our 24/7 Wall St. price target for Amazon is $322.

05 over the next 12 months, implying 35. 6% upside. Our recommendation is buy, with a confidence level of 90%, which I would describe as high conviction.

Metric Value Current Price $237. 50 24/7 Wall St. Price Target $322.

05 Upside 35. 6% Recommendation BUY Confidence Level 90% AWS Reaccelerates While the Stock Drifts Amazon is up 2. 89% year to date and 10.

56% over one year, but the stock has cooled, with shares trading 12% below the 52-week high of $278. 56. In Q1 2026, Amazon posted EPS of $2.

78 against a $1. 73 consensus, a 60. 69% beat, on revenue of $181.

52 billion (up 16. 6% YoY). AWS grew 28%, the fastest pace in 15 quarters, and the custom chips business crossed a $20 billion run rate growing triple digits.

CEO Andy Jassy said "we're in the middle of some of the biggest inflections of our lifetime. " AMZN Price Target — 24/7 Wall St. The Case for $368 and Beyond Our bull case lands at $368.

11, roughly 55% upside. OpenAI committed to roughly 2 GW of Trainium capacity starting 2027, Anthropic is securing up to 5 GW, and Project Rainier already has 500,000+ Trainium2 chips deployed. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut.

Grab the names FREE today . Advertising crossed $70 billion in trailing revenue at +24% growth, Rufus AI is used by 300M+ customers and adding nearly $12 billion in incremental annualized sales, and Amazon Leo is signing names like Delta. Of the analysts covering AMZN, 62 are buyers and only 4 are holds.

AMZN Analyst Ratings — 24/7 Wall St. What Could Go Wrong The bear case lands at $278. 36, still positive but barely.

Capex of roughly $200 billion planned for 2026 has crushed near-term free cash flow, which fell 65. 95% in full year 2025 to $11. 19 billion.

AWS operating margin compressed from 39. 5% to 37. 7%, long-term debt has climbed to $119.

1 billion, and Q1's headline net income of $30. 25 billion was lifted by a $16. 80 billion Anthropic mark, which will not recur.

Story Continues Polymarket traders currently put only 19% odds on AMZN closing June above $250. It should be noted that bulls would argue this capex is exactly the investment that locked in OpenAI, Anthropic, and Meta commitments. Tariff uncertainty and recession risk remain the wild cards.

Amazon Price Prediction 2026-2030 The 24/7 Wall St. price target is $322. 05, the recommendation is buy, and confidence is 90%.

The tipping factor is AWS reacceleration coinciding with a stock that has pulled back 10. 33% in a month. The setup looks constructive if AWS holds 25%+ growth into Q2 and the chips run rate keeps compounding.

The thesis weakens if 2026 free cash flow stays compressed into 2027 with no margin recovery in sight. For now, the risk-reward skews favorably for Amazon shares. Looking further out, here is where our model projects Amazon could trade, assuming current growth trajectories and capex returns materialize.

Year 24/7 Wall St. Price Target 2026 $322 2027 $380 2028 $440 2029 $500 2030 $560 These projections assume Amazon converts AI infrastructure investment into durable AWS margin and that advertising, chips, and Leo scale as guided. Significant upside or downside could come from tariff policy, the trajectory of OpenAI and Anthropic compute spend, and whether 2026 capex delivers the ROIC management is promising.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today .