TLDR
- Amazon Prime Day runs June 23–26 in the U.S., and Wall Street is bullish heading into the event.
- Bank of America analyst Justin Post reiterated a Buy rating with a $310 price target, expecting Prime Day GMV of $21.6 billion.
- BMO Capital’s Brian Pitz set a $355 price target after attending the AWS Summit, calling AMZN a Top Pick.
- AWS grew sales 28% to $37.6bn in Q1 — its fastest growth in 15 quarters — with an annualised run rate above $150bn.
- Wall Street consensus is Strong Buy: 45 Buys, one Hold, with an average price target of $319.14 — about 31% upside from current levels.
Amazon’s Prime Day kicks off June 23 and runs through June 26. AMZN stock is up just 6% this year, trading around $243, underperforming the broader market by some distance.
But with Prime Day days away, Wall Street analysts aren’t backing down on their bullish calls.
Bank of America’s Justin Post reiterated a Buy rating ahead of the event, keeping his price target at $310. He expects Prime Day gross merchandise value (GMV) to come in at $21.6 billion — up around 5% year-over-year.
That’s a slowdown from the 55% jump seen in 2025, which was boosted by the expansion to a 96-hour window. This year, the event has also shifted from July to June.
Post expects the event to deliver $12.4 billion in incremental GMV in Q2 2026 and $8.5 billion in incremental revenue. He thinks Amazon will at least hit the high end of its Q2 revenue guidance of $199 billion.
One thing Post is watching closely: Alexa for Shopping. He sees the AI assistant as a tool for deal discovery and tracking, and thinks it could generate more than $200 billion in incremental GMV by 2035 and $20 billion in incremental retail profit.
Amazon moved Prime Day to June this year, which will flatter Q2 numbers. The flip side is that Q3 comparisons will be tougher.
AWS Still the Growth Engine
BMO Capital’s Brian Pitz reaffirmed his Buy rating with a $355 price target after attending the AWS Summit last week. He called AMZN a Top Pick, pointing to AWS’s infrastructure scale as the main reason.
At the summit, Amazon highlighted Bedrock and AgentCore as the core of its AI agent framework. AgentCore agents are now performing 15 times as many tasks as they were six months ago. Bedrock processed more tokens in Q1 alone than in all prior years combined.
AWS grew sales 28% in Q1 to $37.6 billion — its fastest growth in 15 quarters. The platform now runs at an annualised revenue rate above $150 billion.
New AWS agreements in Q1 included OpenAI, Anthropic, Meta, Nvidia, Uber, Southwest Airlines, and the U.S. Army.
Amazon’s ad business is also pulling weight. Ad revenue jumped 22% last year to $68.5 billion. CEO Andy Jassy has hinted that Alexa+ could become an advertising platform in its own right as the product handles more complex tasks.
What the Street Is Saying
Overall Wall Street consensus on AMZN is Strong Buy. That’s 45 Buy ratings against just one Hold.
The average analyst price target sits at $319.14, implying around 31% upside from current levels.
Amazon is trading at 31 times forward earnings, dropping to roughly 19 times by 2028 as capex spending is expected to ease.
The main concerns remain: heavy AI infrastructure spending, and competition from Microsoft Azure and Google Cloud in the cloud market.
🚨 Our JUNE Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for June, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
