Amazon (AMZN) Stock Soars 3% Following Dual $300 Price Target Endorsements

Key Takeaways

• TD Cowen maintained its Buy recommendation with a $300 valuation target for Amazon, highlighting it as a top large-cap selection.
• Barclays confirmed its Overweight stance with an identical $300 target, emphasizing artificial intelligence momentum in AWS operations.
• Shares of Amazon climbed approximately 2.8% during pre-market hours on Monday, March 23, 2026.
• According to Barclays analysis, the OpenAI partnership contributes to $138 billion in total AWS committed expenditures spanning seven to eight years.
• Anthropic experienced a 35% surge in annualized recurring revenue within weeks during the first quarter of 2026, fueled by Claude Code and Cowork offerings.

Amazon received a significant vote of confidence from Wall Street analysts early Monday, triggering notable movement in share prices.

AMZN shares climbed approximately 2.8% during pre-market sessions on March 23, 2026, following the release of two supportive analyst assessments for the e-commerce and cloud computing powerhouse.

Amazon.com, Inc., AMZN

John Blackledge from TD Cowen maintained his Buy recommendation while preserving his $300 valuation outlook. He designated Amazon as a preferred large-cap investment opportunity for the coming year.

Barclays echoed this sentiment with its own Overweight confirmation and matching $300 projection, highlighting multiple AI-driven catalysts strengthening AWS’s position.

With AMZN shares hovering around $205 currently, both analyst projections suggest approximately 46% potential appreciation from present trading levels.

Cloud Computing Division Poised for Acceleration

Barclays adopted a more granular perspective. The financial institution emphasized Amazon’s partnership with OpenAI, which according to their calculations elevates total committed AWS expenditures to $138 billion across seven to eight years.

Barclays projects the AWS contracted revenue backlog will surpass $350 billion in the upcoming quarter once this agreement appears in financial reporting.

The institution also increased its 2027 AWS revenue projection by 5% and currently forecasts AWS revenue expansion reaching 34% in Q3 2026 before experiencing moderation.

Anthropic contributes additional momentum to this narrative. The artificial intelligence company witnessed its annualized recurring revenue spike 35% within mere weeks during Q1 2026, propelled by Claude Code and Cowork product launches.

Digital Advertising and Commerce Strengthen Investment Thesis

TD Cowen also identified Amazon’s advertising operations as a crucial profit generator. The firm projects ad revenue expansion at a “high teens” percentage rate year-over-year in 2026, driven by sponsored product listings, demand-side platform expansion, and growing Prime Video advertising operations.

Amazon’s retail operations demonstrate structural enhancement as well. The firm referenced unprecedented delivery velocity, same-day service extension into perishable goods, and capital allocation toward rural market penetration as factors supporting margin enhancement.

TD Cowen projects Amazon’s 2026 operating income will approach approximately $104 billion.

Chief Executive Andy Jassy recently indicated the organization has visibility toward $600 billion in revenue by 2036. This trajectory would represent an 11% compound annual growth rate from Barclays’ 2028 baseline, and the institution suggested this forecast might ultimately prove understated.

Amazon’s present market capitalization stands at approximately $2.2 trillion. Revenue expanded 12.4% over the trailing twelve-month period.

Amazon recently executed a €14.47 billion euro-denominated bond offering, featuring maturity dates spanning from 2028 through 2064.

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