Amazon Stock Gets Bullish Boost: BofA, Citi, UBS, Wells Fargo All Raise Targets

Wall Street's biggest names are placing their bets on the e-commerce giant.

Analysts Stampede Toward Higher Ground

When four of the world's largest financial institutions—Bank of America, Citigroup, UBS, and Wells Fargo—all move in the same direction, the market takes notice. Their collective action signals a powerful consensus: Amazon's trajectory is pointing up. This isn't a lone wolf call; it's a coordinated shift in institutional sentiment.

The Price Target Parade

The core of the story lies in the numbers. Each of these banking titans independently reviewed their models and arrived at the same conclusion: their previous valuation targets were too low. The specifics of their revised figures form the backbone of this bullish narrative, painting a picture of renewed confidence in Amazon's core business segments and growth levers.

Beyond the Retail Giant

This isn't just about next-day delivery. The analysts' upgrades likely reflect deeper faith in Amazon's sprawling empire—its cloud computing dominance with AWS, its advertising engine, and its relentless logistics innovation. It's a bet on the entire ecosystem, not just the storefront.

Of course, in the world of high finance, today's 'strong buy' is often just tomorrow's prelude to a 'hold'—once the targets are hit and the fees are booked. For now, the street is speaking with one voice, and it's shouting a number significantly higher than yesterday's close.

Amazon Stock Forecast As BofA Target Price Signals Upside

BofA Makes its Case on Amazon Stock Buy Rating

The AI spending scare has weighed heavily on Amazon (AMZN) stock, with investors fixating on the company’s $200 billion capex guidance for 2026. That’s a figure that came in $52 billion above Wall Street’s $148 billion expectations. BofA’s position is that the market is misreading the situation.

The bank argues that infrastructure capacity is directly monetizable in an AI-driven economy. AWS doubled its power capacity between 2022 and Q3 2025, from roughly 8.0 GW to nearly 15 GW. In 2025 alone, 3.9 GW was added, generating $21.2 billion in incremental sales — or about $5.4 billion per GW. Amazon management plans to double capacity again by 2027, and BofA models AWS hitting 31.4 GW by then.

If that holds, AWS revenues could reach $35 billion in 2026 and $45 billion in 2027. That’s well above Wall Street’s estimates of $32 billion and $38 billion.

Anthropic’s Growth Adds Fuel to the Amazon Stock BofA Thesis

Bloomberg reported that Anthropic’s annualized revenue run rate surpassed $19 billion, up from $9 billion at the end of 2025, driven by enterprise adoption of its AI models, Claude Code, and the launch of Opus 4.6.

BofA analysts stated:

BofA analysts also wrote:

Anthropic is also expected to pay hyperscale cloud providers up to $6.4 billion in 2026 through revenue-sharing agreements, up from $1.9 billion in 2025.

BofA analysts added:

The Amazon stock buy or sell picture is broadly bullish. Amazon trades at a P/E of 30.52 with a market cap of $2.35 trillion. The AMZN stock target price range across analysts runs from $175 to $360, per InvestingPro data, with the Amazon stock BofA thesis well-supported across the Street.