Amazon.com (NASDAQ:AMZN) is seeing strong cloud-driven momentum, despite near-term cost pressures. JPMorgan analyst Doug Anmuth maintained Amazon with an Overweight rating and increased the price forecast from $265 to $280. Anmuthen, citing increased Amazon Web Services demand and increasing capacity, Anmutt also raised forecasts for the company's 4-year growth. He highlighted rising fuel costs as another headwind, which could reduce operating income by about $125 million in the first quarter, $400 million in second quarter, and $1.5 billion in 2026. Despite these challenges, Anmuthen remains positive on Amazon's medium-term outlook. The company's shares have risen 2.61% at $212.65 at the time of publication on Wednesday.