Amazon.com (AMZN) PT Raised to $320 at Guggenheim
Guggenheim analyst Simeon Siegel raised the price target on Amazon.com (NASDAQ: AMZN) to $320.00 (from $300.00) while maintaining a Buy rating.
The analyst commented: "Amazon reported strong Q1 results, with both revenue and profitability beating expectations. AWS growth accelerated ~480 bps q/q and backlog increased nearly 50% q/q, with Amazon's vertically integrated stack increasingly winning workloads across the full AI lifecycle. Management outlined several reasons behind this strong demand, including (1) the breadth of AWS' AI capabilities across the stack, including SageMaker (which reduces training time by up to 40%), Bedrock (where customer spend grew 170% q/q and which processed more tokens in Q1 than in all prior years combined), and AWS' own custom silicon, (2) leadership in agentic infrastructure, (3) the breadth and depth of AWS' core (non-AI) services, which customers increasingly leverage as their AI footprint scales, and (4) a strong security and operational track record. Growth also remained healthy across Online Stores and advertising, with the former accelerating ~100 bps q/q as units grew 15% y/y, reflecting ongoing efforts to expand selection, scale the grocery business, and increase coverage of same-day delivery. The Q2 revenue outlook was above consensus and calls for a modest acceleration at the midpoint against a more difficult comp, with the timing of Prime Day a tailwind in Q2. Management did not provide any incremental commentary on CapEx spend besides reinforcing its confidence in the investments it is making. Despite the strong print, shares are only modestly higher after hours, as much of the bullish narrative was laid out in CEO Andy Jassy’s 2025 Letter to Shareholders that was released on 4/9, with the stock up ~20% since. That said, with AWS firing on all cylinders and resilient Commerce growth, we are raising our estimates, increasing our PT to $330 (from $300), and maintaining our BUY rating."