Amazon.com, Inc. (AMZN) has been on a notable upswing, recently closing at its highest level since November 2025. The stock’s impressive performance in April, where it has gained 20%, is a clear testament to its rising fortunes. As of now, AMZN stands just 1.4% away from its all-time record closing high of $254.
On Friday, AMZN edged slightly higher, closing up 0.3% at $250.56. As investors eagerly await the upcoming first-quarter earnings report on April 29, Wall Street analysts are increasingly bullish on the stock. The consensus estimates suggest an earnings per share (EPS) of $1.63, marking a modest rise from $1.59 a year ago, and total revenue is projected to soar by 14% to approximately $177 billion.
Truist analyst Youssef Squali recently raised his price target for Amazon to $285, up from $280, maintaining a Buy rating. Squali anticipates a 25% growth in Amazon Web Services (AWS) revenue for Q1, driven significantly by burgeoning AI workloads. He cites partnerships with key players like OpenAI and Anthropic as pivotal to this growth trajectory.
Additionally, Squali forecasts that North America’s marketplace sales will increase around 10% year-over-year, noting that macroeconomic factors such as rising fuel costs remain “manageable,” provided they are short-lived. The confidence in these predictions reflects Wall Street’s overall sentiment, which currently holds a Strong Buy consensus on AMZN, with 42 Buy ratings and only three Holds.
John Blackledge, a highly regarded analyst at TD Cowen, echoed this optimistic outlook by reiterating a Buy rating with a $300 price target, implying about 20% upside from current levels. Blackledge believes Q1 results will exceed street expectations, projecting operating income to surpass consensus figures by approximately 4%. His optimism is bolstered by high-margin advertising and continued improvements in fulfillment efficiency.
For Q2 2026, Blackledge’s revenue and operating income projections exceed Wall Street’s consensus by 1.5% and 5%, respectively, suggesting further AWS expansion. The last quarter saw AWS grow revenue by 24% year-over-year, and CEO Andy Jassy has described this momentum as the unit’s fastest growth in 13 quarters.
Apart from impressive earnings prospects, Amazon is actively diversifying its business through strategic acquisitions. Recently, the e-commerce giant announced plans to acquire Globalstar for nearly $12 billion, a move aimed at establishing its own space-based broadband network, an arena currently dominated by Elon Musk’s Starlink. This acquisition aligns with Amazon’s ambitions in satellite communication and data connectivity.
Additionally, Amazon confirmed a new agreement with Apple to provide satellite connectivity for existing and future iPhone and Apple Watch features, further solidifying its position in the tech landscape.
Despite a modest 0.3% gain on Friday, AMZN’s performance is indicative of broader market trends, with the S&P 500 increasing by 1.2% and the Dow gaining 1.8%. As earnings season approaches, analysts are closely monitoring AMZN, with average price targets reflecting a substantial upside potential of around 14% from its latest closing price. This combination of favorable earnings projections and strategic business expansion positions Amazon as a formidable player, both in the e-commerce sector and the emerging satellite market.
