E-commerce and cloud computing giant Amazon (AMZN) is scheduled to announce its Q1 2026 earnings on April 29. Ahead of Q1 earnings, top analysts at BMO and UBS increased their price targets for AMZN stock and reaffirmed their bullish stance on the tech giant’s prospects. Let’s discuss the views of these analysts.
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Forget margin or options. Here's how the pros trade AMZNInterestingly, AMZN stock was up 3% on Friday, at the time of writing, after Meta Platforms (META) struck a deal with AWS (Amazon Web Services) to power agentic AI on Amazon’s Graviton chips.
Meanwhile, Wall Street expects Amazon to report EPS (earnings per share) of $1.63, reflecting 2.5% year-over-year growth. Revenue is projected to rise about 14% to $177.27 billion.
Top BMO Analyst Weighs in on AMZN Stock
BMO Analyst Brian J. Pitz increased his price target for Amazon stock to $315 from $310 and reiterated a Buy rating. The 5-star analyst said that while investors are looking for clarity on returns on Amazon’s AI spending, BMO’s channel checks indicate acceleration in the AWS cloud unit’s growth in the first half of 2026.
Despite concerns about the impact of macro uncertainty and geopolitical tensions on retail sales, Pitz noted that consumers remain resilient. Pitz added that advertising momentum remains solid, thanks to increased scale and a cyclically strong year due to events like Winter Olympics, FIFA World Cup, and elections. He raised his estimates for the segment, and consequently, his projections for revenue and operating income. However, Pitz remains cautious on his 2026 retail outlook.
UBS Analyst Expects Amazon to Deliver Solid Results
UBS analyst Stephen Ju reaffirmed a Buy rating and increased his price target for Amazon stock to $304 from $301 after updating his valuation assumptions by one quarter and raising his 2027 AWS revenue and capital expenditure estimates. He made these revisions considering the additional investments and deals that Amazon signed with OpenAI and Anthropic, which are estimated to add about $200 billion in backlog.
Ju highlighted that his expectations differ from the Street most on AWS growth in 2026. Notably, the analyst expects 38% AWS growth in 2026, way higher than the Street’s estimate of 26%, which then compounds into 2027. As a result, Ju’s 2027 operating income estimate is about 39% higher than consensus. The analyst continues to believe that the Street’s consensus will move toward his expectations.
While shares have strongly rebounded year-to-date, Ju sees further upside as even on a GAAP P/E (price-to-earnings) basis the stock is trading at 19x his 2027 estimate. Ju doesn’t believe that a premium asset such as Amazon should be trading at a discount to the market multiple.
Is Amazon Stock a Good Buy Right Now?
Heading into Q1 earnings, Wall Street has a Strong Buy consensus rating on Amazon stock based on 42 Buys and three Holds. The average AMZN stock price target of $287.33 indicates 9.4% upside potential.
