Citi and JPMorgan raised their Amazon (AMZN) price targets on March 25, 2026. Citi increased its target to $285. JPMorgan moved its target to $280 and named the company its best idea.
The upgrades cite accelerating demand for Amazon Web Services (AWS) artificial intelligence capabilities. Analysts project AWS revenue will grow 28-29% in 2026. Growth is expected to accelerate further to 37% in 2027.
The firms believe the market underestimates AI adoption driven by partnerships with Anthropic and OpenAI. Amazon plans $200 billion in capital expenditures for 2026. This spending is expected to support revenue acceleration, earnings growth, and multiple expansion.