New Street raises Amazon stock target to 385 on strong Q2 results
New Street Research has raised its target price for Amazon.com stock to USD 385.00, up from USD 350.00, according to a note released on October 2, 2026. The stock was trading at EUR 225.08 on October 6, 2026, marking a 0.41% increase from the prior close of EUR 224.15.
Amazon's second-quarter revenue surged 19.60% to USD 200.61 billion, surpassing consensus estimates by USD 3.58 billion. The company's GAAP earnings per share reached USD 5.75, significantly higher than the USD 1.82 consensus estimate. However, analysts noted that the favorable earnings comparison included substantial investment-related gains, emphasizing the importance of operating profit and cash generation.
Amazon's long-term infrastructure strategy includes a 20-year power procurement agreement with Constellation for 690 megawatts from Maryland's Calvert Cliffs plant. This deal supports over USD 3.00 billion in Maryland infrastructure investment and 190 megawatts of additional generating capacity expected between 2030 and 2032. Additionally, Amazon is discussing financing options for advanced Nvidia chips, highlighting the capital-intensive nature of its artificial intelligence expansion.
MarketBeat's overview on October 5, 2026, listed 56 Buy ratings and three Hold ratings, with an average target of USD 321.63. TD Cowen's target was USD 350.00, while New Street's higher target sets a more bullish benchmark. Amazon's stock was last quoted at USD 251.40 on the Nasdaq, with a 52-week range of USD 196.00 to USD 287.20.