BofA Lifts Amazon Price Target to $165 as AWS Accelerates

On July 9, BofA raised its Amazon price target to $165 from $145 while maintaining a Buy rating, citing stronger U.S. sell-through trends tied to Prime Day. The move follows TD Cowen’s July 8 note forecasting 35.5% AWS revenue growth in Q2, 3.4% above consensus, and its modest target cut to $340. Earlier, Fitch affirmed Amazon’s AA- rating on July 7 despite plans to lift 2026 capex to $200 billion from $132 billion, projecting 13% revenue growth but negative free cash flow near $40 billion annually. Amazon is now seeking at least $25 billion in new bonds to fund AI infrastructure. The stock last traded at $242.36 amid the mixed but overall supportive analyst updates.