Amazon Surges 5% as Morgan Stanley Names It Top Pick, Raises Target to $350

Amazon shares surged up to 5% to $262.42 on Monday after Morgan Stanley designated the tech giant as its single highest-conviction top pick. Analyst Brian Nowak maintained an Overweight rating and lifted the stock's price target to $350 from $335, citing roughly 40% upside and an under-appreciated growth runway for Amazon Web Services. The bank upgraded AWS revenue growth forecasts to 47% in 2027 and 42% in 2028, supported by the deployment of about 2 million Nvidia GPUs and advancing fulfillment robotics. The rally follows a 4.7% drop the prior week.