KeyBanc raised the firm’s price target on Amazon.com (AMZN) to $303 from $300 and keeps an Overweight rating on the shares. The firm notes Amazon’s Q3 results were better than expected, with AWS accelerating about 3 points to +20% year-over-year growth. Between Anthropic training on Rainier and more capacity coming online, KeyBanc is comfortable 20%+ growth can persist over the coming quarters. Retail is also showing signs of progress, with grocery already an over $100B business. Net, the firm remains comfortable Amazon can remain a low-double-digit grower with healthy free cash flow growth into 2027.
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