Oppenheimer raised the firm’s price target on Amazon.com (AMZN) to $275 from $260 and keeps an Outperform rating on the shares. The firm remains bullish ahead of Q1 results, with Amazon shares now starting to reflect the improving outlook for AWS after annual CEO letter. While Oppenheimer forecasts 2026/2027 AWS revenue up 29%/30%, Oppenheimer sees potential upside to 42%/44% if capex is deployed in linear fashion and revenue/GW holds at historical levels. Meanwhile, advertising trends remain healthy, but expected to slow vs. FY25, says the firm. While Oppenheimer expects Amazon to continue focusing on e-commerce margin improvements globally, higher fuel costs could weigh on near-term results.
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