The e-commerce and cloud giant is facing a new set of challenges as global tensions rise. On Monday, April 13, 2026, Stifel (SF) analyst Mark Kelley, currently ranked as a 5-star analyst, reiterated his “Buy” rating on Amazon (AMZN), while lowering his price target from $300 to $294.
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The primary reason for today’s target trim is the “growing uncertainty” following the lack of progress in recent international talks over the weekend. Kelley believes that higher energy prices will likely pressure consumer spending in the coming months.
In today’s report, Kelley stated that the firm looks to history as a guide and would “maintain an overweight position in marketplace names that skew nondiscretionary and have diversified revenue streams.” He specifically favors Amazon because of its ability to lean on AWS and advertising when the retail market gets bumpy, noting that Amazon is “often viewed as the most economical option available across the eCommerce landscape.”
Amazon’s AI Revenue Run Rate Hits $15 Billion
While the broader economy is a concern, Amazon’s tech projects are generating massive amounts of cash. CEO Andy Jassy revealed in his recent shareholder letter that the AWS AI revenue run rate has officially surpassed $15 billion. This “run rate” is a financial estimate that predicts how much money a company will make over a full year based on its recent performance over a shorter time, like a few months.
Kelley’s report highlights that this momentum is a major reason to stay bullish. Jassy wrote that the company has “never seen a technology more quickly adopted than AI,” and Kelley believes this rapid adoption will help offset any temporary slowdown in consumer spending. The company is currently spending roughly $200 billion on capital projects this year to ensure its infrastructure can keep up with this demand.
Amazon’s Custom Chip Business Generates Triple-Digit Growth
The final pillar of today’s bullish outlook is Amazon’s secretive but powerful chip business. The company’s custom processors, including Graviton and Trainium, now have an annualized revenue run rate of over $20 billion.
Jassy’s letter noted that this chip business is growing at “triple-digit year-over-year percentages.” Mark Kelley pointed out that these chips offer better price-performance than standard options, which makes AWS the go-to choice for companies looking to save money while building AI models.
Is Amazon a Good Stock to Buy Right Now?
Amazon stock has a consensus Strong Buy rating among 46 Wall Street analysts. This rating is based on 43 Buy and three Hold recommendations issued in the last three months. The average 12-month AMZN price target of $284.20 implies 19.33% upside from current levels.
