Raymond James lowered the firm’s price target on Amazon.com (AMZN) to $260 from $275 and keeps an Outperform rating on the shares. The outlook into Q4 appears positive on strong holiday trends, favorable ad checks, and beatable AWS expectations, though the AI narrative is likely to be the dominant driver of stock performance next year, the analyst tells investors in a research note. Street AWS growth estimates look conservative, with bottom-up modeling pointing to 22%-23% growth in 2026 versus current consensus of 20%-21%, the firm says.
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