Citizens reiterated its Market Outperform rating and $315 price target on Amazon.com shares, citing the company’s expanding cloud infrastructure and valuation metrics.
The firm’s outlook aligns with broader analyst consensus, as Amazon’s $2.87 trillion market capitalization and 22 upward earnings revisions underscore its position as a Wall Street favorite. Evercore ISI separately raised its Amazon price target to $355, pointing to positive signals from its U.S. Online Retail survey.
Amazon Web Services (AWS) is accelerating its hardware investments, committing to an additional 2 million NVIDIA GPUs by 2028, bringing total GPU commitments to 3 million units. The expansion includes Vera CPUs as part of AWS’s broader infrastructure upgrade. AWS also announced plans to acquire DuckLabs, the developer of the open-source DuckDB analytical database, to enhance its analytics capabilities.
Beyond cloud computing, Amazon secured long-term power purchase agreements with four wind farms in Sweden, totaling nearly 200 megawatts. The deals will increase Amazon’s renewable energy capacity in the country to over 1 gigawatt.
Analyst Andrew Boone of Citizens highlighted the strategic importance of AWS’s GPU expansion, which supports growing demand for AI-driven workloads. The infrastructure push comes amid broader industry trends, including the integration of Agentic AI tools like Alexa AI, which Evercore ISI’s survey found influenced 57% of Alexa users to purchase previously unfamiliar products.
