Evercore ISI Lifts Amazon Price Target to $355 Amid AI Shopping Gains

Amazon's shares surged by nearly 4% on Friday after Evercore ISI raised its price target for the e-commerce giant to $355. The investment firm cited survey evidence that AI-powered shopping tools are driving measurable retail growth, particularly through Alexa.

Mahaney, the analyst behind the call, pointed out that 57% of Alexa AI users bought a product they weren't previously aware of. Additionally, 36% of participants reported buying more due to the AI capabilities added to Alexa, which Mahaney framed as a potential catalyst for Amazon's retail segment.

The survey also highlighted Amazon's dominance in online retail, with 92% of respondents saying they had used the platform. This is a significant gap from Walmart, the nearest competitor, at 58%. Evercore ISI argued that this dominance will widen as AI-driven shopping methods become more mainstream.