Analysts Lift Amazon Targets to $310-324 as Shares Hold Near $242

Amazon shares trade near $242-245 into mid-July after a June pullback, with Wall Street maintaining a Strong Buy consensus and lifting 12-month targets to $310-324. The story began in mid-May with forecasts citing 28% AWS growth, a $364B backlog, and over $225B in Trainium commitments that could drive a $3T valuation. It evolved through repeated calls for re-rating as Q1 results beat estimates, offset by $200B 2026 capex that compressed trailing free cash flow to roughly $1.2B. Recent updates from Truist ($320), Jefferies ($320), and BofA ($310) underscore expectations that AI monetization will outpace spending and support further upside, reinforced by Prime Day momentum.