Goldman Sachs Puts Amazon in Conviction List with $375 Price Target

Goldman Sachs has added Amazon to its conviction list of most-preferred stocks, setting a 12-month price target of $375. This means that Amazon's stock could potentially rise by approximately 50% from its current value.

The move comes after Amazon crossed the $3 trillion market capitalization mark for the first time in August, driven by strong second-quarter earnings. The company's cloud computing revenue surged due to increased demand for artificial intelligence services.

Amazon Web Services (AWS) revenue reached $42.2 billion in the second quarter of 2026, a 37% year-over-year increase and the division's fastest growth rate in 18 quarters.

Amazon CEO Andy Jassy stated that despite projected capital expenditures of $220 billion this year, the company will still not have enough capacity to meet demand in 2026 and 2027. He also noted that there is already significant demand for AWS services in 2028.