HSBC analyst Paul Rossington raised the price target on Amazon.com (NASDAQ: AMZN) to $310.00 (from $280.00) while maintaining a Buy rating.

The analyst comments: "AWS cloud order backlog has increased to USD364bn excluding the USD100bn agreement with Anthropic (see: Amazon: Buy – Amazon invests up to a further USD25bn in Anthropic, 21 April 2026), or recent extension of Amazon’s commercial agreement with OpenAI facilitating access to ChatGPT. This includes a USD225m backlog in revenue commitments for Trainium; further highlighting the strength of Amazon’s in-house silicon program. This business grew by nearly 40% in Q1 and now has an over USD20bn annual run-rate (up from USD10bn at the last year-end). In addition, AWS AI revenues now have a run rate of over USD15bn, now approaching 10% of total, with spend on frontier models growing by >170% in Q1. Demand for AI services is also driving strong demand for AWS core services as more and more enterprises look to transfer to the cloud.

TP increased to USD310 (from USD280): We increase FY26-28e GAAP OI / EBIT by 7-8%, but to which we see risk to the upside given historically conservative guidance. We increase our DCF-derived TP by c11% to USD310.00 (from USD280.00). The short-term nature of Amazon guidance distracts from a business we think is well placed to benefit from cloud / AI demand over the medium to long term."