Amazon (AMZN) stock jumped 2.8% in pre-market trading today after receiving a major boost from Wall Street. On Monday, March 23, 2026, Barclays (BCS) analyst Ross Sandler reiterated his Overweight rating on the stock, maintaining a high price forecast of $300. With the stock currently trading near $205, this forecast suggests an impressive 46% upside potential. The firm’s confidence comes from a massive surge in growth for its Amazon Web Services (AWS) and artificial intelligence services.
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Trade AMZN with leverageAmazon’s AI Partnerships Drive Huge Backlog Growth
The main reason for the positive outlook is the rapid growth of Amazon Web Services (AWS). Barclays highlighted a recent multibillion-dollar agreement with OpenAI that is expected to bring overall spending on AWS to “$138 billion over seven to eight years.” This deal is already showing up in the company’s financial records. Barclays noted that they expect the company’s backlog to “move north of $350 billion in the next quarter.”
Anthropic and New Software Fuel Amazon’s Revenue
Amazon’s partnership with the AI lab Anthropic is also paying off quickly. Barclays pointed out that Anthropic‘s annual recurring revenue is jumping due to new products like Claude Code. In their report, the analysts mentioned that the company is seeing a “35% increase in a matter of weeks in the first quarter of 2026.” Because of this momentum, Barclays raised its 2027 revenue estimate for AWS by 5%, predicting that growth will hit “34% in the third quarter of 2026” before it begins to slow down.
Amazon’s CEO Aims for $600 Billion in Revenue
The report also looked at the long-term future of the company. CEO Andy Jassy recently stated that Amazon has “line of sight to revenue of $600 billion in 2036.” This implies a steady 11% growth rate every year for the next decade. Barclays believes this goal might actually be too low, stating that the “projection may prove conservative” given how fast the AI market is expanding.
Amazon Benefits from Catalysts ahead Despite Global Tensions
While many investors are worried about high oil prices and global conflict, Barclays sees several reasons for the stock to climb. The firm views “AWS acceleration, initial public offerings from AI labs, and growing momentum in agentic AI in enterprise as potential catalysts ahead.” Even though shipping costs are affected by fuel prices, the massive growth in the high-profit cloud business is expected to more than make up for those expenses.
Is Amazon a Buy or Sell Right Now?
Turning to TipRanks, Amazon’s shares (AMZN) remain a Strong Buy based on analysts’ consensus rating. This breaks down to 40 Buys and three Holds issued over the past three months.
Additionally, the average 12-month AMZN price target of $280 implies 36.34% upside from current trading levels.
