Mizuho Lifts Amazon Target to $325 on AWS Strength — Amzn Stock Price

Mizuho lifted the amzn stock price target to $325 from $315 and kept an Outperform rating on Amazon. The call comes as shares trade near $260, leaving the new target well above the current level and above the $283.82 analyst consensus.

Amazon AWS and AI revenue

$35.58 billion in AWS revenue showed 24% growth in the fourth quarter, while Amazon’s advertising services added $21.32 billion, up 23%. Mizuho said AWS is emerging as the cloud backbone for AI infrastructure and lifted estimates after incremental disclosures around scaling chip and AI revenue at AWS.

$213.39 billion in fourth-quarter revenue rose 14%, giving Mizuho a larger base to work from as it raised its model. Andy Jassy also guided to about $200 billion in 2026 capital expenditures, a level that keeps Amazon’s AI buildout front and center for investors tracking how much of that spending turns into future cloud sales.

OpenAI, Anthropic, Meta Platforms

$200 billion in planned 2026 capital expenditures sits beside $11.19 billion in free cash flow, which compressed as capex surged. Mizuho pointed to new cloud deals with OpenAI, Anthropic, and Meta Platforms as catalysts behind the higher numbers, but the spending level also shows why the market is focused on cash generation, not just revenue growth.

13% year to date and 38% over the past year describe where the stock already stands before the next print. Amazon guided for first-quarter net sales of $173.5 billion to $178.5 billion and operating income of $16.5 billion to $21.5 billion, with results due April 29.

April 29 earnings

$32x forward P/E shows investors are already paying for growth, so the next earnings report will have to justify both the higher target and the spending path. If AWS keeps converting AI demand into revenue while cash flow stabilizes, the market gets a cleaner case for the premium; if capex keeps outrunning cash generation, the debate shifts back to margins and timing.