Amazon's Path to $350: Can AWS and Custom Silicon Keep Up the Momentum?

Amazon (NASDAQ:AMZN) is one of this year's standout performers in the mega-cap space, with shares up 10.24% year to date and trading around $254.46.

The company's AWS business has been a key driver of growth, with CEO Andy Jassy calling it 'booming right now' and predicting that it could eventually reach a trillion-dollar annual revenue milestone.

Wall Street is firmly bullish on Amazon, with a consensus analyst target of $329.20 and 15 strong buy ratings among the 59 total ratings from contributing analysts.

To reach a price target of $350 in 2027, Amazon would need to see significant upside, but several factors are working in its favor, including AWS's backlog conversion, custom silicon demand, advertising momentum, retail leverage, and rising estimates.