Amazon Gets a Double Upgrade From BofA and KeyBanc Ahead of Earnings: Is $325 the New Floor?

Amazon received back-to-back price-target raises from BofA (to $298) and KeyBanc (to $325) ahead of its April 29 Q1 earnings, reflecting growing conviction that AWS is reaccelerating on AI infrastructure demand. Both firms kept bullish ratings and lifted AWS growth forecasts to roughly 28–30% (Q4 was 24%), citing capacity ramps, client wins and emerging revenue from custom chips (Trainium/Graviton). The upgrades make the earnings print a potential catalyst: Amazon traded near $247 on April 20 and the market assigns only a ~25% chance it closes above $260 by month-end, signaling near-term caution. Significant upside would validate the bulls, but investors should weigh capex ($200B planned for 2026) and pressured free cash flow versus multi-year AI/AWS optionality.