Amazon (AMZN) stock has slipped 2.88% over the past week, edged down 0.36% over the last month, and is lower by 1.57% over the past year. Despite this modest pullback, Wall Street’s analysts are firmly optimistic: the 12‑month consensus calls for a move to $294.45, well above the last closing price of $231.31, and the overall rating lands at a Strong Buy. In other words, analysts collectively see meaningful upside from here over the coming year.
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One of the most closely watched voices on the name, Ronald Josey of Citi Research, reiterated his Buy rating on Amazon on January 22, 2026, and set a $320 price target. This target implies notable upside from current levels and underscores how bullish he remains on Amazon’s long‑term story. Josey, a 4‑star analyst who ranks 266 out of 11,984 on TipRanks with a 58.35% success rate and a 19.9% average return per rating, continues to list Amazon as his top pick across the internet sector.
Josey’s latest report focuses heavily on Amazon Web Services (AWS), where he expects demand and growth to remain the key drivers into the company’s upcoming fourth‑quarter 2025 results. He projects AWS revenue growth to accelerate to 22.5% year over year, powered by greater AI partnerships and infrastructure build‑out. At the same time, he sees stronger online holiday shopping as a tailwind for Amazon’s retail business, suggesting the company continued to win a larger share of consumers’ wallets during the season.
Beyond cloud and core e‑commerce, the analyst highlights several other levers that could support Amazon’s stock. Advertising is expected to grow around 20% year over year, with higher demand and better efficiencies helping push operating income above the high end of management’s guidance. He is also watching Amazon’s push into “Agentic Commerce” for 2026, progress in essentials and grocery, and the company’s expansion of its authenticated advertising graph, which already reaches roughly 90% of U.S. households. For 4Q25, he models total revenue of $212.8 billion, up 13.3% year over year, and operating income of $25.7 billion, implying a healthy 12.1% margin even after accounting for restructuring impacts.
Looking ahead, Josey expects operating margins to keep expanding even as Amazon invests heavily, projecting about $155 billion in capital expenditures for 2026. The big picture for investors: despite the stock’s recent softness, leading analysts see Amazon’s cloud, advertising, and retail engines all firing, with AI and new commerce strategies adding fresh fuel. With a Strong Buy consensus, a $294.45 average price target, and top‑ranked analysts like Josey calling for even higher levels, Amazon remains a closely watched name for those seeking growth opportunities in the tech and internet space. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.