Amazon Earnings: 3 Catalysts That Could Drive Shares to $300

Amazon.com Inc. (NASDAQ: AMZN) just delivered the kind of quarter we, and most of Wall Street, had been waiting for. After months of consolidation below the $240 ceiling and making investors sweat about potential downtrends, Thursday night’s earnings report just blew the doors off its hinges.

We’ll get into the numbers below, but it says a lot that shares surged more than 13% in after-hours trading on Oct. 30 to around $252, setting a fresh record high and confirming what the chart had been hinting at for weeks—this breakout was coming.

It was exactly the kind of catalyst needed to propel Amazon out of its range and reignite confidence that the stock can continue to climb through the rest of Q4. Here are three reasons why the rally might only be getting started, and why $300 could be within sight.

Reason #1: Fundamental Strength Is Back in Focus

Amazon’s third-quarter numbers showed just how well the company is executing on multiple fronts. Revenue came in ahead of expectations by more than $2 billion, while earnings per share comfortably topped estimates by nearly 25%. Importantly, the beat wasn’t driven by one-off factors but by broad-based strength across AWS, advertising, and core retail.

Unsurprisingly, AWS remains the backbone of Amazon’s profitability, and its continued growth amid the AI boom was the standout story. The cloud segment showed signs of increasing momentum, with leadership pointing to rising demand for AI workloads among enterprises. That outlook should give investors confidence that AWS can continue to fund Amazon’s aggressive expansion, while helping to alleviate any concerns about tightening margins. 

When thinking about the kind of mega-cap tech company you might want to own going into 2026, from a fundamental perspective, it doesn’t really get better than Amazon. 

Reason #2: Analyst Conviction Keeps Building

The second reason to be extremely bullish—and one we’ve been highlighting in recent weeks—is the overwhelmingly positive outlook analysts have for Amazon’s prospects. 

They’ve made a habit of reiterating their Buy or equivalent stances throughout this year, while increasing their price targets, and the past few weeks have been no different.

Analysts at Wedbush, for example, made a bold call earlier this month with a $280 target, while CIBC went even further, assigning the stock a $315 target—both bold moves given how flat the stock had been trading and how close earnings were.

With the company now clearly firing on all cylinders, more of Wall Street’s heavy hitters will likely raise their price targets to, and beyond, $300 in the coming days. 

Reason #3: The Macro Tailwind Is Undeniable

Beyond company-specific factors, Amazon has another major force working in its favor: the broader market environment. The S&P 500 hit fresh all-time highs this week, driven by ongoing tech momentum, cooling inflation, and expectations of further rate cuts in the coming months. 

It’s the kind of backdrop that rewards companies that deliver both growth and consistency—exactly what Amazon has just done. Risk-on sentiment is firmly back, and investors aren’t just holding their ground. They’re actively adding to positions in mega-cap tech names that offer both reliable profitability and exposure to powerful long-term themes, such as AI and cloud computing, which means a company like Amazon is in a highly favorable position. 

That dynamic has already been lifting peers such as Alphabet Inc. (NASDAQ: GOOGL) to new highs in recent weeks, and Amazon’s breakout now appears to be the next leg in that rotation. After a few months of lagging performance, Amazon stock is right where it likes to be—back among the front-runners.

Where the Stock Goes Next

Technically, the picture appears to be as good as it can be. Momentum indicators, such as RSI and MACD, are trending higher but remain comfortably below overbought territory, providing a strong setup for further gains.

If Amazon can consolidate above $250 into the weekend and through next week, that should start forming a solid layer of support from which to base the next rally. In terms of where it could go from there, given that analysts were targeting $315 even before Thursday’s report, it’s not unreasonable to think that could quickly come into play, especially if the broader market remains risk-on.

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