KeyBanc raised the firm’s price target on Amazon.com (AMZN) to $325 from $285 and keeps an Overweight rating on the shares. While the firm is cautious on operating income in the first half of 2026 due to gas prices and Leo investment, it believes the story of the quarter is AWS turning into “a 30%-ish grower” from capacity ramps and client wins. In KeyBanc’s view, this creates a solid medium-term growth driver, with optionality on AI advertising in Rufus, grocery share gains, and Amazon Leo. The firm sees EPS approaching $10/share in 2027.
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