As 2025 comes to an end, Amazon (AMZN) stock is lagging the broader market. The stock is up about 6% so far this year, well behind the S&P 500’s (SPY) roughly 18% gain, as AWS growth slowed and AI profits have taken longer to show up. Job cuts announced in October further added pressure. Still, Wall Street’s top analysts remain bullish on Amazon’s longer-term outlook and believe the setup into 2026 may be improving.
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Why Top Analysts Remain Upbeat About AMZN Stock
Several top analysts argue that Amazon’s long-term story remains intact. They believe that AWS growth has slowed, but it has not stalled, and AI demand is still rising.
Five-star analyst Mark Mahaney of Evercore ISI has named Amazon a “top pick” for 2026. He expects a rebound in AWS growth, strong demand for Trainium AI chips, and steady gains in advertising. He also sees potential upside from the gradual rollout of Alexa+. Mahaney describes Amazon as a long-term compounder, supported by steady sales growth, improving margins, and the chance for stronger free cash flow over the next two years.
Also, Goldman Sachs analyst Eric Sheridan kept a Buy rating and a $290 target. He believes that cloud growth can pick up again as AI demand matures. He expects AWS revenue to grow at more than 20% a year over the next few years.
At the same time, a few Top analysts are focused on Amazon’s growing role in AI infrastructure. At JPMorgan, five-star analyst Doug Anmuth continues to see around 31% upside in the stock. He pointed to Amazon’s $38 billion cloud deal with OpenAI, which could support AWS demand as AI use expands.
Bank of America analyst Justin Post also reiterated a Buy rating, with a $303 price target. He cited reports that Amazon may invest more than $10 billion in OpenAI, a move he believes could shift more AI workloads to AWS and highlight the strength of Amazon’s in-house chips.
Is Amazon Stock a Buy Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 42 Buys assigned in the past three months, as indicated by the graphic below. Furthermore, the average AMZN price target of $297.26 per share implies 27.8% upside potential.
