Amazon.com, Inc. (NASDAQ:AMZN) posted second-quarter 2026 results on Thursday that blew past Wall Street estimates, and eight sell-side firms responded with price target hikes.
Amazon Web Services (AWS) growth accelerated to 37% year-over-year, the fastest pace in 18 quarters, while operating income of $27.5 billion beat every published estimate.
Analysts pointed to a $496 billion AWS backlog, a raised $220 billion capex guide and management’s clearest AI return-on-investment framework yet as reasons to stay bullish.
- AMZN stock is soaring. See the chart and price action here.
The Bulls
Benchmark analyst Daniel Kurnos delivered the most bullish call of the group, raising his target to $400 from $370. After nearly two decades covering Amazon, Kurnos wrote, “this might be one of the most impressive quarters in at least the last 10 years.”
JPMorgan analyst Doug Anmuth lifted his target to $365 from $330 and called AWS’s acceleration “the fastest in 18 quarters.” Amazon remains a “Best Idea,” he added.
KeyBanc Capital Markets raised its target to $350 from $335. Analyst Justin Patterson, CFA, titled his note “Yabba Dabba Doo,” a nod to Bedrock’s role in reaccelerating cloud growth.
Rosenblatt Securities analyst Barton Crockett raised his target to $345 from $332. His note summed up the quarter in one line: AWS “finally joined the AI growth party” after trailing rivals in cloud growth.
BofA raised its price objective to $320 from $310 under the headline “AWS acceleration hitting another gear.” The team flagged AWS margins up 600 basis points year-over-year as evidence of durable capacity returns.
Wedbush Securities analysts Ygal Arounian and Chase Tohanczyn raised their target to $310 from $293. The duo called the print “the cleanest beat among the hyperscalers” in Wedbush’s coverage.
Needham analysts Laura Martin and Dan Medina maintained a $300 target under the headline “Cloud and Ads Drive Upside.” The pair highlighted Bedrock’s momentum: Amazon added more customers in 1H26 than in its first two years combined.
The Lone Holdout
D.A. Davidson analyst Gil Luria held his Neutral rating and $250 price target. His note, titled “AWS Delivers, Capex Guide Moves Higher,” acknowledged the beat but flagged Amazon’s climbing capital spending as a reason for caution.
Common Threads
AWS’s AI and chip businesses each surpassed $25 billion in annualized revenue, while Graviton commitments nearly tripled quarter-over-quarter. Management also raised 2026 capex guidance by $20 billion to $220 billion.
Analysts largely shrugged off negative free cash flow and light third-quarter revenue guidance, attributing the softness to a Prime Day timing shift into the second quarter rather than a demand slowdown.
With price targets spanning $250 to $400, Amazon shares near $235.50 imply upside in nearly every covered scenario.
Price Target Snapshot
| Firm | Rating | New PT | Prior PT |
| Benchmark | Buy | $400 | $370 |
| JPMorgan Chase & Co. | Overweight | $365 | $330 |
| KeyBanc Capital Markets | Overweight | $350 | $335 |
| Rosenblatt Securities | Buy | $345 | $332 |
| BofA Securities | Buy | $320 | $310 |
| Wedbush | Outperform | $310 | $293 |
| Needham & Co. | Buy | $300 | Maintained |
| D.A. Davidson | Neutral | $250 | Maintained |
AMZN Price Action
AMZN Stock Price Activity: Amazon stock was up 13.59% at $267.51 at the time of publication Friday, according to data from Benzinga Pro.
Over the past month, AMZN has gained about 9.3% versus a 0.8% decline in the S&P 500 and is up roughly 13% year-to-date compared to the index’s 7.8% gain. The stock is trading near its 52-week high of $278.56.
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