Truist Raises PT On Amazon.com (AMZN) To $320, Reiterates “Buy” Rating

Truist raised its price target on Amazon (AMZN.OQ) to $320 from $310 and reiterated a Buy rating, citing higher AWS revenue and capex assumptions driven by large AI partnerships. Anthropic’s confidential S-1 and its pledged $100 billion spend on AWS over the next decade — plus Amazon’s $5 billion equity commitment (with up to $20 billion more tied to milestones) — are seen as catalysts that could materially revalue Amazon’s stake and boost cloud revenue. Amazon already booked $16.8 billion in pre-tax Anthropic gains in Q1, and AWS revenue of $37.59 billion (up 28% YoY) coupled with a ~ $200 billion 2026 capex plan ties Anthropic’s IPO upside directly to AMZN’s financials. The market impact: an Anthropic IPO near private-market marks would likely lift Amazon further via equity revaluation and increased cloud demand, supporting a bullish analyst outlook though valuation and execution risks remain.