Amazon (AMZN) Gets PT Upgrades From UBS, BMO Capital

Amazon (AMZN) shares received a couple shots of confidence Thursday morning, as a pair of analyst firms upgraded their price targets on AWS strength ahead of the company's first-quarter earnings report.

UBS Bumps Amazon Target Higher

UBS raised its price target on AMZN stock to $304 per share (from $301 previously) while raising its 2027 and 2028 estimates for AWS growth.

Analyst Stephen Ju (Buy) believes Amazon's agreement with OpenAI suggests roughly $12.5 billion in annual revenues over an eight-year contract period. He's also bullish on an AI revenue run rate north of $15 billion (as of the first quarter of 2026), high subscribe rate for its Trainium4, and CEO Andy Jassy's shareholder letter, which stated that 85% of IT spend remains on-premise.

Related: 7 Best Growth Stocks to Buy for 2026 [Find Your Edge]

"While AMZN shares have recovered significantly YTD, we believe that there is still room to outperform as even on a GAAP P/E basis it is trading at 19x our 2027 estimate, and we do not believe a premium asset such as this should be at a discount to the market multiple," he says. "We have previously called out AMZN shares as a coiled spring, and with each successive quarter it reports this year, the thesis will continue to get sprung."

UBS's new price target suggests 19% upside from here.

BMO More Bullish on AMZN Stock, Too

BMO Capital, meanwhile, raised its price target to $315 (~24% upside), from $310 previously, while reiterating both an Outperform rating and its view on AMZN shares a "Top Pick." BMO Capital's own channel checks suggest that AWS growth has accelerated in the first half of 2026.

Quick Stats & The Overall Analyst View

• Market cap: $2.7 trillion
• Dividend yield: N/A
• Forward price-to-earnings (P/E): 28.93
• Price-to-book (P/B): 6.0

These upgrades come just about a week before Amazon's first-quarter earnings report, which will come after the bell on Wednesday, April 29, 2026.

AMZN rates among the top-ranked tech stocks right now. According to S&P Global Market Intelligence, 63 analysts currently have Buy-equivalent holds on the company's shares, versus just five Holds and no Sells. Meanwhile, an average price target of $283 across Amazon's covering analysts suggests 11% upside over the next 12 months.

Meanwhile, the pros see Amazon's bottom line growing by 19% annually, on average, over the long term (over the next three to five years; this data point varies from one broker to the next), per S&P Global's data.

What If I Need Help Picking Stocks?

Among our favorite platforms for both data and picks is Seeking Alpha Premium, which gives you unlimited access to thousands of active authors who deliver stock analysis. Seeking Alpha also provides you with stock research tools, real-time news updates, crowdsourced debates, and market data. Users can create their own portfolio of favorite stocks, see how they perform, and receive email alerts or push notifications about their investments.

Try out Premium free for seven days and get a discount on your first year's subscription.