JPMorgan analyst Doug Anmuth keeps an Overweight rating and $265 price target on Amazon.com (AMZN). The stock has fallen following last week’s earnings as its 2026 capex target of $200B is “well above expectations” and likely suggests “significant free cash flow burn” this year, the analyst tells investors in a research note. The firm notes however that the investment is coming from a position of strong demand and should support AWS growth acceleration through 2026. Going forward, investor focus will be on AWS and backlog growth, Retail market share gains, and margin expansion, JPMorgan added.
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