Amazon Stock Surges 4% on Improved Retail and Cloud Trends

Amazon's stock price surged 4% on Friday after Evercore ISI raised its price target for Amazon to $355 from $315.16, while maintaining an Outperform rating.

The analysts pointed to improving trends across Amazon's retail, artificial intelligence, and cloud businesses as the catalyst for their revised estimate.

Evercore ISI based its findings partly on data from its 14th Annual US Online Retail survey, which showed that 57% of Alexa AI users had purchased a product they were previously unaware of, providing evidence that agentic AI could add to Amazon's retail business.

The same-day delivery usage also recovered to 49%, with Prime customers using this service spending 3.1 times more than non-Prime members.