Wells Fargo Analyst Sees 36% Upside for Amazon Stock

A Wall Street analyst at Wells Fargo & Co has predicted a rally in Amazon's stock price over the next 12 months. Ken Gawrelski, the analyst, expects Amazon to reach a new all-time high and set a target price of $338 for the company's shares.

Gawrelski's prediction comes despite a recent decline in Amazon's stock price, which has fallen by 4.4% over the past 30 days. However, he believes that this correction presents an opportunity for long-term investors to buy into the company.

The analyst's forecast is based on his analysis of Amazon Web Services' (AWS) margins and its Bedrock artificial intelligence platform. He has raised his estimate of AWS operating income by 4-6% for 2026-2028, which exceeds Wall Street's consensus estimates.