Amazon Stock Maintains Market Outperform Rating Amid Growing Demand for NVIDIA Hardware

Citizens maintained its Market Outperform rating on Amazon stock, reaffirming a price target of $315.00. This aligns with broader Wall Street optimism, as analysts maintain a strong buy consensus on the $2.87 trillion company.

The firm noted that Amazon Web Services (AWS) has committed to 2 million additional NVIDIA GPUs across 2027-2028, in addition to the more than 1 million units previously announced.

AWS also plans to deploy Vera CPUs as part of its infrastructure expansion. Citizens said this demonstrates continued market demand for NVIDIA hardware, despite AWS's progress with custom silicon development.