Amazon stock (NASDAQ: AMZN) opened Monday’s trading bell at $232. The global e-commerce and cloud infrastructure giant had a rough patch in June as prices slumped more than 14%. It went from a high of $270, plunging straight to the $232 range. The steep decline is making investors worried, as analysts are unable to pinpoint when AMZN could bottom out in value.

On the heels of the ongoing downtrend, leading investment bank Wells Fargo has given a buy rating for Amazon stock. In a note to clients on Friday (June 26, 2026), analyst Ken Gawrelski urged traders who begin taking an entry position in AMZN, indicating that the search giant could soon bottom out in value. He stressed that the leading equity might not remain at this level for long.

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What is Wells Fargo’s Amazon Stock Price Target?

Wells Fargo’s analyst Ken Gawrelski wrote in a note predicting Amazon stock to reach a high of $312. That’s a profit of $80 per share, if taken an entry position today at $232. That is also an uptick and return on investment (ROI) of approximately 35% from its current price. Therefore, an investment of $1,000 could turn into $1,350 if the price prediction turns out to be accurate. That’s good returns, as not every asset in the US stock market can deliver this much gain.

The Magnificent 7 stocks are facing an uphill task in 2026, due to their capex on AI reaching billions of dollars. Companies such as Apple, Microsoft, Alphabet’s Google, and META, among others, have been at the receiving end. Wall Street’s concerns over the spending are based on logic, as the firms are yet to see concrete revenues. The development has also affected Amazon stock, which is keeping its price volatile. Despite all of this, money is being poured into the AI sector by retail investors.