KeyBanc’s Justin Patterson has raised Amazon’s (AMZN) stock price target from $325 to $335. An increasing number of Wall Street analysts have raised the stock’s target in the last few days. Goldman Sachs’ Eric Sheridan also raised AMZN’s target from $325 to $335. The price target increase comes just weeks ahead of Amazon’s (AMZN) Q2 2026 earnings report, due on July 30, 2026.

Why Is Wall Street Raising Amazon Stock Price Target?

Analysts have favorable expectations from Amazon’s (AMZN) Q2 earnings report. The company’s Q1 performance had outperformed Wall Street expectations, and analysts anticipate a similar pattern this time around as well. Amazon reported $181.52 billion in net sales in Q1, a 16.6% year-over-year increase. Earnings per share (EPS) came in at $2.78, beating Wall Street’s average estimate of $1.63. Operating income also saw an increase at $23.9 billion, a significant jump from 2025’s $18.4 billion. Analysts anticipate a 32% growth in Amazon Web Services (AWS) in the company’s Q2 report.

Recently, Jefferies said that Amazon’s (AMZN) stock price was trading at a discount when compared to Walmart and Alphabet. Jefferies highlighted Amazon’s AI-driven data center investments as another tailwind. AI-based stocks have delivered stellar returns over the last year and the pattern is expected to continue as companies aim for higher spending in the coming years.

Also Read: Is Amazon Stock Cheap? Why the Market May Be Getting It Wrong

Amazon recently struck a deal with Canada-based Electrovaya Inc. for battery technology. According to the partnership, Amazon will increase its ownership stake with Electrovaya to more than 20%. The deal may have led to a spike in investor confidence as the company’s stock price saw substantial gains soon after. AMZN’s price closed 3.02% (7.47 points) higher on Wednesday, July 15, 2026. The stock saw an additional 1.04% (2.66 points) gain in the pre-market hours.