JPMorgan resets Amazon stock target after AI payoff
By Moz Farooque
Published on August 2, 2026.
JPMorgan has revised its price target for Amazon (AMZN) after the company's Q2 earnings showed a surge in cloud sales, operating profit, and backlog climbed to a record level. Despite concerns about capital expenditure and the growth of Amazon's cloud behemoth, the company delivered its strongest growth numbers in years. This led JPMorgan to reassess the stock's earnings power and the durability of its AI investment cycle. The firm's cloud business, AWS, grew 37%, its fastest rate in 18 quarters and backlog reached $496 billion, rising 36% sequentially and nearly 2.5 times year over year. JPMorgan analyst Doug Anmuth has now upgraded Amazon's price target to $365 from $330, marking nearly a 34.4% upside from current prices. The rally added roughly $388 billion in shareholder value to Amazon, contributing to its market cap at $2.95 trillion.
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