Evercore ISI lowered the firm’s price target on Amazon.com (AMZN) to $285 from $335 and keeps an Outperform rating on the shares following what the firm calls a “Beat & Mixed” quarter. Q4 results were “golden,” with AWS delivering material revenue growth acceleration, Cloud market share gains, very strong backlog, and consistently high profitability, while the Retail and Ad segments’ revenue growth was very consistent, the analyst tells investors. While the firm still believes the Amazon long thesis is intact and that AWS results are proving out return on AI, it views the stock as likely range-bound until 2026 revenue acceleration becomes more apparent and/or the market sees the potential for a free cash flow snapback in 2027.
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