Amazon.com (AMZN) PT Raised to $311 at UBS, Shares 'Still a Coiled Spring'

UBS analyst Stephen Ju raised the price target on Amazon.com (NASDAQ: AMZN) to $311.00 (from $310.00) while maintaining a Buy rating.

The analyst commented, "We preview Amazon's 4Q25 results, which it will report on February 5. We raise our price target modestly to $311 from $310 as we roll forward our valuation parameters by one quarter, while at the same time ramping both of our AWS revenue and Capital Expenditures estimates. Given plans to double capacity by 2027, we have raised our aggregated 4Q25-4Q27 CapEx estimates from $300B to $344B (AWS $225B to $260B). In our view AMZN shares is still a coiled spring as neither us nor the Street are pricing in 2028 AWS revenue as having doubled after the incremental capital intensity. That scenario should result in an incremental ~$20B in FCF for 2028. As 4Q25 results marks the second quarter of AWS acceleration, we expect investor conviction to continue to rise and drive outperformance as capital continues to rotate into AMZN shares. And as we have called out before, the benefits of its other investments across all of e-commerce, content, and LEO - in the form of faster GMV, advertising, and data/access revenue - should also add to FCF upward revisions as well."

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