Amazon Stock Poised for New All-Time High on Strong AWS Growth

Amazon (NASDAQ: AMZN) shares have been on a tear, and analysts at 24/7 Wall St. believe they could reach a new all-time high. With a current price of $247.95, their target price is $326.19, implying a 31.41% upside.

This comes as AWS (Amazon Web Services) growth accelerated to 36.7%, its fastest pace in 18 quarters. The cloud segment grew 26% year-over-year, and Amazon's custom chip business cleared a $25 billion annualized run rate with triple-digit growth.

CEO Andy Jassy said 'AWS is booming right now,' and the company's backlog sits at $496 billion. Analysts believe that AWS could become a trillion-dollar revenue business for Amazon in time.