Analysts Raise Amazon Price Targets After Strong Q3 Earnings, Highlighting AWS Growth
Amazon's third-quarter earnings beat sent shares soaring, with Evercore and Canaccord analysts lifting price targets following robust performance in its cloud division. AWS revenue surged 20%, easing competitive concerns against Microsoft Azure and Google Cloud.
CEO Andy Jassy noted accelerating growth fueled by AI demand—the fastest pace since 2022. Evercore's Mark Mahaney dubbed it the 'AWS Unlock Quarter,' raising his target to $335 while maintaining Amazon as a Top Pick. The stock jumped 12% pre-market as Q4 guidance aligned with Street expectations.