Amazon Stock Price Upgraded by Analysts as Quarterly Earnings Ignite Bullish Sentiment

Amazon's stock price has received an upgrade from analysts at Citi and Roth MKM, with both firms revising their 12-month forecasts upwards. On August 3, Ronald Josey of Citi reiterated his 'Buy' rating for Amazon (AMZN) and increased the target price to $350.

Roth MKM's Rohit Kulkarni also raised his price target from $300 to $325, citing the company's expanding AWS margins and rising return on investment from artificial intelligence.

These upgrades come after Amazon reported strong quarterly earnings in late July, which provided a catalyst for both the equity itself and institutional price target upgrades. The company's stock price surged 15.32% within a single day following the earnings release, erasing almost all losses incurred since May.

The overall view on Wall Street is bullish, with Amazon shares rated 'Strong Buy' by analysts, with an average target price of $333.03 and a high forecast of $400 from Benchmark's Daniel Kurnos.